https://www.taxtmi.com/caselaws?id=371210 The High Court ruled in favor of the assessee in a case involving the exclusion of expenditure incurred in foreign currency from 'Export Turnover' for deductions under Section 10A of the Income Tax Act. The Court held that the exclusion of such expenses was incorrect as they were integral to the software development process. Additionally, the Court aligned with the Supreme Court's interpretation regarding the inclusion of unrealized sale proceeds in total turnover and the need for parity in treating sale proceeds in both export and total turnover. The matter of deduction of expenditure related to earning dividend income was remanded for fresh examination, including a jurisdictional challenge, and the applicability of an amendment to Section 14A was left open for further consideration. en-us Tue, 23 Oct 2018 00:00:00 +0530 Tue, 15 Oct 2019 14:56:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=371210 The High Court ruled in favor of the assessee in a case involving the exclusion of expenditure incurred in foreign currency from 'Export Turnover' for deductions under Section 10A of the Income Tax Act. The Court held that the exclusion of such expenses was incorrect as they were integral to the software development process. Additionally, the Court aligned with the Supreme Court's interpretation regarding the inclusion of unrealized sale proceeds in total turnover and the need for parity in treating sale proceeds in both export and total turnover. The matter of deduction of expenditure related to earning dividend income was remanded for fresh examination, including a jurisdictional challenge, and the applicability of an amendment to Section 14A was left open for further consideration. Case-Laws Income Tax Tue, 23 Oct 2018 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=371210