TMI Blog2011 (1) TMI 651X X X X Extracts X X X X X X X X Extracts X X X X ..... 1 the factors which are reduced from the export turnover need to be reduced from the total turnover also - Therefore, the assessee has a prim facie case for grant of stay of recovery of the outstanding amount - Accordingly the recovery of the outstanding amount of Rs.2,64,54,812 is hereby stayed subject to the condition that the assessee shall pay a sum of Rs.20 lakhs every month towards the outst ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 2. We heard Shri Rajan Vora, the learned representative for the assessee and Shri Srinivas, the learned DR. The contention of the assessee before this Tribunal is that when the arithmetic adjustment as provided in section 92C of Income-tax Act, 1961 is made then the tax liability will be reduced considerably. Referring to various orders of this Tribunal the learned representative for the assesse ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... sidered the submissions of learned representative for the assessee and the learned DR. We find the contention of the assessee that arithmetic adjustment has to be made as provided in statutory provisions merits consideration. Likewise, while computing the deduction u/s. 10A of the Income-tax Act, 1961 the factors which are reduced from the export turnover need to be reduced from the total turnover ..... X X X X Extracts X X X X X X X X Extracts X X X X
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