2013 (2) TMI 878 - HC - Income Tax

Expenses Exclusion Dispute: Bombay HC Rules Against Appellant

The Bombay HC dismissed the appeal for AY 2003-04 concerning exclusion of expenses from export turnover for deductions under sections 10A and 10B of the ... Deduction under section 10A and 10B - computation of total turnover - exclusion of expenses from turnover for export-related deductions - precedent and stare decisisDeduction under section 10A and 10B - computation of total turnover - exclusion of expenses from turnover for export-related deductions - precedent and stare decisis - Whether the Tribunal was justified in holding that expenses deducted from export turnover should also be excluded from total turnover while computing deduction under section 10A and 10B - HELD THAT: - The High Court declined to entertain the question of law raised by the revenue because the same point was held in favour of the assessee by an earlier decision of this Court in CIT v. Gem Plus Jewelery India Ltd. reported in (2011) 330 ITR 175 (Bom.). Counsel for both parties indicated that the present issue is covered by that decision, and on that basis the Court saw no reason to proceed to consider the proposed question of law on the merits. [Paras 3, 4]Appeal dismissed as the issue is covered by this Court's earlier decision; no further consideration given.Final Conclusion: The revenue's appeal for Assessment Year 2003-04 is dismissed; the Court declined to entertain the question of law because the issue is covered by the High Court's earlier decision in CIT v. Gem Plus Jewelery India Ltd.; no order as to costs. The Bombay High Court dismissed the appeal for assessment year 2003-04 regarding the exclusion of expenses from export turnover while computing deductions under sections 10A and 10B of the Income Tax Act, 1961. The court cited a previous decision in favor of the respondent assessee. The appeal was dismissed with no order as to costs.