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2021 (3) TMI 183 - HC - Income TaxDeduction u/s 10B - assessee had utilised the export profits in U.S.A. for the purpose of carrying on export activities and AO held that the said amount had not been received in convertible foreign exchange in India within the prescribed time under section 10B(3) and the said amount could not be treated as part of export turnover for the purpose of computation of deduction under section 10B - AO held that the RBI's Guideline for remittance under the FEMA was not applicable in interpreting the term "export turnover" as defined in section 10B - HELD THAT:- The issue involved in the present appeals had already been decided by this Court in Commissioner of Income Tax-I,Chennai v. M/s.Tata Consultancy Services Ltd., Chennai] [2021 (2) TMI 988 - MADRAS HIGH COURT] wherein this Bench, following the Judgment M/S MPHASIS LTD. (FORMERLY KNOWN AS MPHASIS BFL LTD.) [2019 (11) TMI 1383 - SUPREME COURT] and the Judgment reported in Commissioner of Income-Tax, Bangalore v. Mphasis Ltd [2014 (8) TMI 690 - KARNATAKA HIGH COURT] decided the issue in favour of the assessee. Decided in favour of the assessee.
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