https://www.taxtmi.com/caselaws?id=212405 The HC of Karnataka upheld the Tribunal's decision in favor of the assessee, ruling that expenses excluded from export turnover in the numerator should also be excluded from total turnover in the denominator when computing relief under Section 10-A of the Income Tax Act, 1961. The Court emphasized the need for consistency in the formula for computing export profits and aligned the interpretation of 'total turnover' with legislative intent to promote exports. The appeal by the revenue was dismissed, affirming the assessee's position on the substantial question of law. en-us Wed, 02 Nov 2011 00:00:00 +0530 Sun, 15 Apr 2012 18:16:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=212405 The HC of Karnataka upheld the Tribunal's decision in favor of the assessee, ruling that expenses excluded from export turnover in the numerator should also be excluded from total turnover in the denominator when computing relief under Section 10-A of the Income Tax Act, 1961. The Court emphasized the need for consistency in the formula for computing export profits and aligned the interpretation of 'total turnover' with legislative intent to promote exports. The appeal by the revenue was dismissed, affirming the assessee's position on the substantial question of law. Case-Laws Income Tax Wed, 02 Nov 2011 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=212405