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2013 (6) TMI 44 - HC - Income TaxDeduction u/s 80HHE - reduction of foreign exchange earning paid for providing technical services out side India from income derived in foreign exchange - held that:- Tribunal has not examined the factual position satisfactorily and, therefore, while setting aside the order of the Tribunal relating to this question, the matter has been remanded to the Assessing Officer to examine this question afresh in the light of the material to be placed by the assessee before him. - matter remanded back to ITAT. Exclusion of interest income and dividend income - held that:- While it is no doubt true that 90 per cent. of the amount is excluded in arriving at the profits of the business of the assessee attributable to this receipt, i.e., under the head of miscellaneous income, the gross receipts, nevertheless, form part of the total business turnover of the assessee for the purpose of arriving at the total turnover, as indicated in clause (e) of the Explanation to section 80HHE of the Act, the amount mentioned therein has to be excluded. - receipts for the purpose of miscellaneous income under the residuary head necessarily be as part of total turnover and, therefore, the Tribunal was not right in reversing the finding of the Assessing Officer on this aspect. - such is the view taken by the Supreme Court in the case of CIT v. K.Ravindranathan Nair [2007 (11) TMI 10 - Supreme Court of India]. - Decided in favor of revenue.
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