Home Case Index All Cases Income Tax Income Tax + AT Income Tax - 2018 (5) TMI AT This
Forgot password New User/ Regiser ⇒ Register to get Live Demo
2018 (5) TMI 1878 - AT - Income TaxDeduction u/s 10AA - reducing exclusions in the export turnover, from the total turnover - HELD THAT:- On the issue of parity in computing the export turnover and total turnover, the Ld.AR invited our attention to decision in the case of HCL Technologies Ltd. & Ors. [2018 (5) TMI 357 - SUPREME COURT] wherein it is held that “the expenses excluded from export turnover have to be excluded from the total turnover also. Otherwise, any other interpretation makes the formula unworkable and absurd.” In view of that the corresponding grounds of the Revenue’s appeal are dismissed. MAT Credit - disallowance made with regard to the surcharge and the education cess for the purpose of MAT credit - HELD THAT:- As decided in case of CIT vs. K.Srinivasan [1971 (11) TMI 2 - SUPREME COURT] - “the legislative history of the Finance Acts, as also the practice indicates that the term “income-tax” as employed in s. 2 includes surcharge as also the special and the additional surcharge whenever provided which are also surcharges within the meaning of Art.271 of the constitution”. - Decided against revenue
|