https://www.taxtmi.com/caselaws?id=271338 The Karnataka High Court ruled in favor of the assessee in a case concerning the exclusion of expenses incurred in foreign currency for software development services and the treatment of exchange fluctuation loss in computing deductions under section 10A of the Income Tax Act, 1961. The court held that such expenses should not be excluded from export turnover and that exchange fluctuation loss should not be reduced from total turnover. The decision aligned with the aim of section 10A to promote exports and foreign exchange inflow, based on a thorough analysis of statutory provisions and case law. en-us Fri, 08 Jan 2016 00:00:00 +0530 Tue, 03 May 2016 10:33:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=271338 The Karnataka High Court ruled in favor of the assessee in a case concerning the exclusion of expenses incurred in foreign currency for software development services and the treatment of exchange fluctuation loss in computing deductions under section 10A of the Income Tax Act, 1961. The court held that such expenses should not be excluded from export turnover and that exchange fluctuation loss should not be reduced from total turnover. The decision aligned with the aim of section 10A to promote exports and foreign exchange inflow, based on a thorough analysis of statutory provisions and case law. Case-Laws Income Tax Fri, 08 Jan 2016 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=271338