2021 (2) TMI 382 - MADRAS HIGH COURT - Income Tax

Head Note / Extract:
Computation of deduction u/s 10A - Tribunal held that the expenses incurred in foreign exchange should be excluded from the export turnover for the purpose of computing deduction - whether Tribunal was right in holding that the export turnover consisting exclusively of consideration received in foreign exchange should be reduced by expenditure incurred on telecommunication? - HELD THAT:- The issue involved in the present appeal is covered by the decision of this Court made in M/s.Polaris Consulting & Services Ltd. [2018 (11) TMI 1553 - MADRAS HIGH COURT]. In view of the submissions made by the learned counsel on either side, while leaving the substantial questions of law open, we are remitting the matter back to the Assessing Officer for fresh consideration. The Assessing Officer shall decide the matter, on merits and in accordance with law, after taking into consideration the judgment above.