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2016 (6) TMI 896 - HC - Income TaxDeduction u/s 10A - telecommunication and insurance expenditure is not to be reduced from the export turnover as per ITAT - Held that:- As provision mandates reduction of telecommunication and insurance charges if it is incurred in foreign exchange for providing of software outside India. We find that the Assessing Officer has in the order not given any finding with regard to respondent's contention that this expenditure had been incurred only in India and not with regard to export of software outside India. The CIT (A) as well as the Tribunal have rendered finding of fact that this telecommunication and insurance expenses have been incurred in local currency in India and not with regard to providing software services outside India. This concurrent finding of fact has not been shown to be perverse in any manner. On the above finding of fact, it is evident that exclusion part of Explanation 2(iv) of Section 10A of the Act will not apply to the present facts. In the above view, the question as framed does not give rise to any substantial question of law. - Decided against revenue Disallowance u/s 14A - Tribunal held that Rule 8D is not retrospective and restricting the disallowance to 2% of the dividend received - Held that:- This issue is concluded against the revenue by virtue of decision of this Court in Assistant Commissioner of Income Tax Vs. Godrej and Boyce Mfg. Co. Ltd. [2010 (8) TMI 77 - BOMBAY HIGH COURT] - Decided against revenue
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