https://www.taxtmi.com/caselaws?id=263612 For section 10B deductions computed by the export-turnover/total-turnover ratio, telecommunication and foreign currency travel expenditure excluded from export turnover must also be excluded from total turnover, applying parity in the formula. The EEFC exchange loss was held outside the section 10B profit computation because it had no direct nexus with export profits, but it remained a normal business loss available for set-off under the Act. The appellate authority's power to direct recomputation of earlier years' deduction was sustained, subject to limitation, and the related challenge based on section 14A did not succeed independently. en-us Mon, 24 Aug 2015 00:00:00 +0530 Fri, 08 Jan 2016 14:49:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=263612 For section 10B deductions computed by the export-turnover/total-turnover ratio, telecommunication and foreign currency travel expenditure excluded from export turnover must also be excluded from total turnover, applying parity in the formula. The EEFC exchange loss was held outside the section 10B profit computation because it had no direct nexus with export profits, but it remained a normal business loss available for set-off under the Act. The appellate authority's power to direct recomputation of earlier years' deduction was sustained, subject to limitation, and the related challenge based on section 14A did not succeed independently. Case-Laws Income Tax Mon, 24 Aug 2015 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=263612