Home Case Index All Cases Income Tax Income Tax + HC Income Tax - 2013 (4) TMI HC This
Forgot password New User/ Regiser ⇒ Register to get Live Demo
2013 (4) TMI 119 - HC - Income TaxDeduction U/s 10B of the Income Tax Act - The assessee has DTA sales, deduction U/s 10B(4) of the Act, which provides for working out proportionate profit on export turnover from the total profit - The Assessing Officer reduced therefrom the canvassing commission paid by the assessee to foreign agents in convertible foreign exchange and took only the net export turnover realised for the computation of export profit for deduction - Held that:- There is nothing to indicate from the records that the canvassing agent has rendered any technical or professional knowledge justifying deduction of the amount paid to them to determine the export turnover, on which the assessee has been granted deduction. Since the finding of the lower authorities are to the effect that payment made to the canvassing agent by the assessee is not for any professional or technical service, no deduction is called for in terms of Explanation 2(iii) of sub Section (9A) of Section 10B for the purpose of computation of deduction under sub Section (4) of Section 10B - Appeals filed by the Revenue is dismissed.
|