https://www.taxtmi.com/caselaws?id=69462 The appeal was partly allowed. The Tribunal ruled that telecommunication expenses incurred in Indian rupees should not be deducted from export turnover, pending verification by the AO. Expenses incurred in foreign currency were correctly deducted from export turnover, with no adjustments to total turnover. The disallowance of loss from foreign exchange fluctuation and the claim concerning payment in lieu of notice period were rejected. The AO was instructed to recompute interest under Sections 234B and 234C, ensuring the assessee is given an opportunity to be heard. en-us Fri, 29 Aug 2008 00:00:00 +0530 Sun, 10 Dec 2023 12:57:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=69462 The appeal was partly allowed. The Tribunal ruled that telecommunication expenses incurred in Indian rupees should not be deducted from export turnover, pending verification by the AO. Expenses incurred in foreign currency were correctly deducted from export turnover, with no adjustments to total turnover. The disallowance of loss from foreign exchange fluctuation and the claim concerning payment in lieu of notice period were rejected. The AO was instructed to recompute interest under Sections 234B and 234C, ensuring the assessee is given an opportunity to be heard. Case-Laws Income Tax Fri, 29 Aug 2008 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=69462