TMI Blog2018 (11) TMI 269X X X X Extracts X X X X X X X X Extracts X X X X ..... ive at the export turnover, the same is not liable to be deducted from the total turnover to arrive at the denominator in the formula - Held that:- This issue is squarely covered by the decision in the case of CIT Vs. HCL Technologies Ltd. [2018 (5) TMI 357 - SUPREME COURT] wherein held what is excluded from ‘export turnover’ must also be excluded from ‘total turnover’, since one of the components of ‘total turnover’ is export turnover. Any other interpretation would run counter to the legislative intent and would be impermissible. - Tax Case Appeal No.1248 of 2008 - - - Dated:- 8-10-2018 - Mr.Justice T.S.Sivagnanam And Mrs. Justice V. Bhavani Subbaroyan For the Appellant : Ms.Sree Lakshmi Valli For the Respondent : Mr.Karthik ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... the benefit under Section 10A of the Income Tax Act, 1961 and that the issue has become academic. 5. Recording the said submission, substantial question of law No.1 is left open and not decided. 6. With regard to the third substantial question law, the learned counsel for the assessee as well as the learned counsel for the Revenue agree that the issue is squarely covered by the decision of the Hon'ble Supreme Court in the case of CIT Vs. HCL Technologies Ltd. [reported in (2018) 404 ITR 0719]. 7. The operative portions of the said judgment in HCL Technologies Ltd., are as follows : 18. Accordingly, the formula for computation of the deduction under Section 10A of the Act would be as follows: Export Profit = to ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... s and deserve to be dismissed. Accordingly, all the connected matters and interlocutory applications, if any, are disposed of with no order as to costs. 8. In view of the above, the third substantial question of law is answered in favour of the assessee and against the Rvenue. 9. The learned counsel for the assessee submits that the second substantial question of law need not be answered on account of the facts and circumstances of the case. 10. This submission is recorded and the second substantial question of law is left unanswered. 11. In the light of the above, the appeal filed by the assessee is partly allowed only with regard to the third substantial question of law, which is answered in favour of the assessee. No c ..... X X X X Extracts X X X X X X X X Extracts X X X X
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