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Income Tax Officer Versus Trendy Works Technology P. Ltd.

Deduction u/s 10A - Held that:- The issue in dispute is squarely covered by the decision of the coordinate bench in the case of M/s Patni Telecom P. Ltd. (2008 (1) TMI 452 - ITAT HYDERABAD-A ) wherein it was held that “the deduction of expenses incurred in foreign exchange both from the amount of total turnover and also from the export turnover for the purpose of computation of the amount of deduction u/s 10A”. The Special Bench of the Chennai Tribunal in the case of ITO Vs Saksoft Ltd (2009 (3) .....

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bad for AY 2010-11. 2. On perusal of record, we find that there was a delay of 8 days in filing this appeal before us. To this effect, the assessee filed condonation petition stating therein that the records for the AY 2010- 11 could not be traced out immediately, due to which, the said delay occurred in filing the appeal. The assessee also filed an affidavit affirming the said reasons in the affidavit. After considering the submissions of the assessee, we condone the said delay and admit the ap .....

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f ₹ 4,21,76,012/- u/s 10A. As per the 3CD report filed, the assessee has shown foreign exchange outgo at ₹ 528.93 lakhs, and this figure represents expenses incurred in foreign exchange towards advertisement expenses, web hosting charges, image charges etc. While calculating the above allowable deduction u/s 10A, the assessee had not reduced the export turnover by the expenses incurred at ₹ 528.93 lakhs in foreign currency. AO observed that as per clause (iv) of Explanation 2 t .....

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r considering the submissions of the assessee, the AO held that the department had not accepted the decision of various Hon ble High Courts in treating the numerator and denominator equally in the formula for the purpose of calculating 10A deduction and the issue is pending before the Hon ble Supreme Court, the reliance placed by the assessee on the decision in this regard is not considered and the foreign outgo is reduced from the export turnover for the purpose of 10A. Accordingly, the allowab .....

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ducing the expenditure incurred in foreign currency only from the export turnover and he ought to have reduced the foreign currency expenditure also from the total turnover. 6. The CIT(A) after considering the submissions of the assessee and following the decision of the ITAT in the case of M/s Patni Telecom P. Ltd. (supra) directed the AO to reduce the expenditure incurred in foreign currency from the total turnover also. 7. Aggrieved with the order of the CIT(A), the revenue is in appeal befor .....

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