https://www.taxtmi.com/caselaws?id=182743 The Tribunal upheld the CIT(A)'s decision in the case, dismissing the Revenue's appeal. The disputed expenses incurred in foreign currency were directed to be reduced from the total turnover for computing deduction under section 10A, in line with precedents from Tata Elexsi Limited, I Gate Global Solutions Ltd., and Mphasis Ltd. Additionally, telecommunication expenses were to be excluded from the total turnover for parity, following Tribunal decisions. However, expenses incurred in foreign currency for providing software development services outside India were not excluded from the 'export turnover,' contrary to the CIT(A)'s ruling. Exchange fluctuation loss was allowed for reduction from the total turnover based on the ITAT, Mumbai (Special Bench) decision in ACIT vs. Parkash L. Shah. en-us Fri, 29 May 2009 00:00:00 +0530 Wed, 18 May 2016 18:54:09 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=182743 The Tribunal upheld the CIT(A)'s decision in the case, dismissing the Revenue's appeal. The disputed expenses incurred in foreign currency were directed to be reduced from the total turnover for computing deduction under section 10A, in line with precedents from Tata Elexsi Limited, I Gate Global Solutions Ltd., and Mphasis Ltd. Additionally, telecommunication expenses were to be excluded from the total turnover for parity, following Tribunal decisions. However, expenses incurred in foreign currency for providing software development services outside India were not excluded from the 'export turnover,' contrary to the CIT(A)'s ruling. Exchange fluctuation loss was allowed for reduction from the total turnover based on the ITAT, Mumbai (Special Bench) decision in ACIT vs. Parkash L. Shah. Case-Laws Income Tax Fri, 29 May 2009 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=182743