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2020 (12) TMI 52 - HC - Income TaxComputation of section 10A deduction - whether section 10A does not permit the assessee to reduce expenses incurred in foreign currency from both from export and total turnover? - HELD THAT:- Assessee submitted that the first substantial question of law, which has been framed by this Court has already been answered by the Hon’ble Supreme Court in ‘COMMISSIONER OF INCOME TAX CENTRAL-III NEW DELHI VS. HCL TECHNOLOGIES LTD.’ [2018 (5) TMI 357 - SUPREME COURT]The aforesaid legal position could not be disputed by learned counsel for the revenue. First substantial question of law is answered against the revenue and in favour of the assessee. Set of losses of 10A unit and non 10A units - HELD THAT:- Second substantial question of law is also answered in favour of the assessee by the decision of Hon’ble Supreme Court in ‘CIT vs. Yokogawa India Ltd.’[2016 (12) TMI 881 - SUPREME COURT] . The aforesaid fact could not be rebutted by the learned counsel for the revenue. In view of the decision of the Hon’ble Supreme Court in the Yokogawa India Ltd. (supra), the second substantial question of law framed by a bench of this Court is also answered against the revenue and in favour of the assessee. Disallowance u/s 14A - whether no expenses under section 14A of the Act could be attributed for maintenance/monitoring the investment in mutual funds? - Non appreciation of Notification in S.O.547(E) dated 24/3/2008 - HELD THAT:- Tribunal on the basis of meticulous appreciation of evidence held that no expenditure was incurred by the assessee directly or indirectly to earn the dividend and therefore, the claim of the assessee under Section 14A of the Act is allowed. The aforesaid finding is a finding of fact, which is based on meticulous appreciation of evidence on record. The aforesaid finding could not be demonstrated to be perverse. It is well settled principle of law that unless and until a finding of fact is demonstrated to be perverse, this Court in exercise of power under Section 260-A of the Act, would not interfere with the findings of the Court - HERO VINOTH (MINOR) VERSUS SESHAMMAL [2006 (5) TMI 478 - SUPREME COURT] - Third substantial question of law is also answered against the revenue and in favour of the assessee.
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