Captive power transfer pricing and non-resident export commission rules support deletion of adjustments and withholding disallowance in discussed proc...
Cooperative society deposits, member-interest TDS exemption and credit-facility deduction claims require verification through records and supporting e...
Customs jurisdiction over EPCG condition breaches survives export-obligation discharge certificates, requiring alleged fraud and misdeclaration to be ...
Contractual tolerance requires consideration; breach recoveries, qualifying public infrastructure services and road works escape service tax liability...
In computing deduction under Section 10A, expenses excluded from export turnover must also be excluded from total turnover; otherwise the formula becomes unworkable and produces an absurd result. Applying the earlier Division Bench ruling and the Supreme Court decision in HCL Technologies, the HC answered this question in favour of the assessee. On interest disallowance relating to advances to a subsidiary, the court noted that the factual issue whether the investment had a business nexus had not been examined by the lower authorities. It therefore remitted that issue to the Assessing Officer for fresh consideration after giving the assessee an opportunity to produce material.
In computing deduction under Section 10A, expenses excluded from export turnover must also be excluded from total turnover; otherwise the formula becomes unworkable and produces an absurd result. Applying the earlier Division Bench ruling and the Supreme Court decision in HCL Technologies, the HC answered this question in favour of the assessee. On interest disallowance relating to advances to a subsidiary, the court noted that the factual issue whether the investment had a business nexus had not been examined by the lower authorities. It therefore remitted that issue to the Assessing Officer for fresh consideration after giving the assessee an opportunity to produce material.
Note: It is a system-generated summary and is for quick reference only.
TaxTMI 
TaxTMI 
of 4819 
Join Channel 
