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2020 (9) TMI 969 - HC - Income TaxComputation of deduction u/s 10B - Whether expenditure towards telecommunication charges and expenditure incurred in foreign currency reduced from export turnover has to be reduced from total turnover for computing deduction? - ITAT held that the expenditure excluded from the export turnover has to be excluded from total turnover. It was further held that the other income included in the total turnover has to be included in export turnover - HELD THAT:- The issue involved in this appeal, is covered by a decision of the Supreme Court in ‘COMMISSIONER OF INCOME-TAX, CENTRAL-III Vs. HCL TECHNOLOGIES LTD. [2018 (5) TMI 357 - SUPREME COURT]. The aforesaid contention cannot be reputed by the learned counsel for the revenue. Therefore, the first substantial question of law is answered against the revenue and in favour of the assessee. Income received by the assessee by way of notice pay from its employees leaving the service contrary to agreement - whether to be included in export turnover when such income is not derived from the activity of export and recorded a perverse finding?. - HELD THAT:- Second substantial question of law is covered by a decision of the Supreme Court in ‘COMMMISSIONER OF INCOME-TAX Vs. PUNJAB STAINLESS STEEL INDUSTRIES’ [2014 (5) TMI 238 - SUPREME COURT]. Order passed by the Income Tax Appellate Tribunal is modified and it is directed that the income received by the assessee by way of notice pay from its employees leaving the service contrary to the agreement, can neither be included in the total turnover nor the same be included in the export turnover.
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