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2016 (1) TMI 219 - AT - Income TaxExclusion of overseas travel and communication expenditure incurred in foreign currency from the total turnover for the purpose of deduction u/s 10B - Held that:- This issue is squarely covered by the order of the Chennai Special Bench in the case of ITO vs Sak Soft Ltd, [2009 (3) TMI 243 - ITAT MADRAS-D] wherein it was held that when any such amount is deducted from the export turnover from the numerator, the same shall also be deducted from the total turnover in the denominator while applying the formula (Profit X Export turnover ÷ Total turnover) as provided under the Act. Addition of disallowance under section 14A r.w. Rule 8D made by the Assessing Officer while computing the book profit u/s 115JB - Held that:- We direct the Assessing Officer to adopt the book profits as per the Profit & Loss Account and do not make addition on account of disallowance worked out under section 14A of the Act, as such disallowance is computed under the normal provision of the Act, which are not applicable for determining book profits under section 115JB of the Act.
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