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2013 (1) TMI 381 - AT - Income TaxQuantification of relief u/s 10A - interest income with respect to FDs placed as margin money with banks for obtaining credit facilities - Income From Business or Income From Other Sources - Held that - Following the decision of CIT vs. Indo Swiss Jewels Ltd. (2005 (9) TMI 47 - BOMBAY HIGH COURT) & Jewelex International P Ltd. 2010 (9) TMI 906 - ITAT MUMBAI wherin held that the interest earned on the short-term deposits of the money kept apart for the purpose of business has to be treated as income earned on business and cannot be treated as income from other source. As decided Gem Plus Jewellery India Ltd. 2010 (6) TMI 65 - BOMBAY HIGH COURT the purposes of sub-ss (1) and (1A) of s. 10A that the profits derived from export of articles or things or computer software shall be the amount which bears to the profits of the business of the undertaking the same proportion as the export turnover in respect of such articles or things or computer software bears to the total turnover of the business carried on by the undertaking - As decided in Mysodet (P) Ltd. v/s CIT 2008 (9) TMI 7 - SUPREME COURT wherein held that if assessee is doing export business exclusively hence export turnover & total turnover would be identical if the entire sale proceeds are brought into India in convertible foreign exchange within the prescribed time limit - against revenue . Exclusion of expenditure incurred on account of insurance internet charges telephone charges from the term export turnover for the purpose of computation of relief u/s 10A - Held that - this ground is misconceived as the Commissioner (Appeals) has directed that the expenditure in question are required to be reduced both from export turnover as well as from total turnover in line with the judgment of Gem Plus Jewellery India Ltd 2010 (6) TMI 65 - BOMBAY HIGH COURT - appeal decided in favour of assessee.
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