9911796707
TMI Blog2011 (11) TMI 428X X X X Extracts X X X X X X X X Extracts X X X X ..... l is whether the Tribunal was; correct in holding that when computing relief under Section 10-A of the Income Tax Act, 1961 the expenditure incurred by the assessee should not form part of the total turnover and as such it should be excluded from the total turnover if the same are reduced from export turnover. 2. The said question was answered by this Court in the case of the CIT v. Tata Elxsi Lt ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ed as a method of arriving at export profits. In the case of Section 80HHC, the export profit is to be derived from the total business income of the assessee, whereas in Section 10-A, the export profit is to be derived from the total business of the undertaking. Even in the case of business of an undertaking, it may include export business and domestic business, in other words, export turnover and ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... in Section 10-A, there is nothing in the said Section to mandate that, what is excluded from the numerator that is export turnover would nevertheless form part of the denominator. Though when a particular word is not defined by the legislature and an ordinary meaning is to be attributed to the same, the said ordinary meaning to be attributed to such word is to be in conformity with the context in ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ludes export turnover, the meaning assigned by the legislature to the export turnover is to be respected and given effect to, while interpreting the total turnover which is inclusive of the export turnover. Therefore the formula for computation of the deduction under Section 10-A, would be as under: Profits of the business of the x Export turn over undertaking [Export ..... X X X X Extracts X X X X X X X X Extracts X X X X
|
