https://www.taxtmi.com/caselaws?id=287636 For section 10B computation, telecommunication and foreign currency travel expenditure excluded from export turnover must also be excluded from total turnover, because the statutory formula must operate symmetrically; the assessee succeeded on this issue. Loss arising from conversion of an EEFC account balance into Indian rupees was treated as outside the section 10B deduction computation, but remained a business loss eligible for set-off under the Act; the assessee also succeeded on this issue. Deduction under section 10B for earlier years could be recomputed by removing the effect of disallowance under section 40(a)(ia), as the deeming fiction in that provision could not be mechanically applied to section 10B profits; this issue was decided against the assessee. en-us Mon, 24 Aug 2015 00:00:00 +0530 Fri, 24 Apr 2020 10:27:03 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=287636 For section 10B computation, telecommunication and foreign currency travel expenditure excluded from export turnover must also be excluded from total turnover, because the statutory formula must operate symmetrically; the assessee succeeded on this issue. Loss arising from conversion of an EEFC account balance into Indian rupees was treated as outside the section 10B deduction computation, but remained a business loss eligible for set-off under the Act; the assessee also succeeded on this issue. Deduction under section 10B for earlier years could be recomputed by removing the effect of disallowance under section 40(a)(ia), as the deeming fiction in that provision could not be mechanically applied to section 10B profits; this issue was decided against the assessee. Case-Laws Income Tax Mon, 24 Aug 2015 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=287636