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Pr. Commissioner of Income Tax And Assistant Commissioner Of Income Tax Versus M/s. Mc Creade Software (Asia) Pvt. Ltd.

2016 (3) TMI 596 - KARNATAKA HIGH COURT

Computing deduction u/s.10A - Interpretation of Total Turnover & Export Turnover under 10A - Held that:- Any expenditure which is excluded from the export turnover will have to be excluded from the total turnover as well for computing deduction u/s.1 .....

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e has preferred the present appeal by raising the following substantial question of law : Whether on the facts and in the circumstances of the case, the Tribunal was justified in law in holding that the lease line charges and other expenses incurred .....

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given in Sec.10A of the IT Act and total turnover has not been defined in the Section and by following the judgment of this Hon ble Court in the case of CIT vs. Tata Elxsi Ltd., which has not become final since the same has not been accepted by the .....

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are concerned, the Tribunal in para 5.1 and 5.2 has observed thus: "5.1 The revenue challenges the action of the learned CIT(A), in excluding the reimbursement of certain expenses incurred in foreign currency from both export turnover and total .....

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in the case of CIT Vs Tata Elxsi Ltd (2012) 349 ITR 98 (Kar.), which has not become final since the department has not accepted the same and has filed SLP s before the Hon ble Apex Court which are pending. 5.2 We have heard both the learned AR and th .....

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of expenses incurred in foreign currency are to be excluded from both export turnover as well as total turnover while computing the deduction u/s 10A of the Act, is in order. We therefore, dismiss the grounds at sl.nos.2 & 3, raised by the revenu .....

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