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2012 (6) TMI 502 - HC - Income TaxDetermination of export profit eligible for deduction - assessee's invoice value on exports got reduced by the value of components supplied by the foreign buyer which made payment of only the net amount - reassessment proceedings - AO adopted gross invoice value on the exports as export turnover forming part of total turnover and adopted it as the denominator in the determination of eligible export profit for deduction under Section 10B(4) of the Act – Held that:- total turnover is the gross turnover which comprises of the turnover of business done domestically and the export business. For numerator and denominator export turnover has to be one and the same and the Department is bound to treat only actual export turnover which is received in convertible foreign exchange by the assessee as forming part of total turnover. In other words, the export turnover should be the same amount both as numerator and forming part of total turnover being the denominator for determining export profits under Section 10B(4) of the Act. appeal filed by the Revenue is dismissed.
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