https://www.taxtmi.com/caselaws?id=405805 The High Court of Madras, in a judgment by Justice M. Duraiswamy and Justice T.V. Thamilselvi, ruled in favor of the assessee on key tax law issues. Firstly, interest expenditure had to be excluded from both export turnover and total turnover to avoid illogical results. Secondly, the assessee was eligible for deduction under section 10A despite the business transfer. Lastly, deductions under sections 10A or 10B should be made while computing gross total income, not at the stage of total income computation. The court dismissed the Revenue's appeal, upholding the assessee's position. en-us Mon, 08 Mar 2021 00:00:00 +0530 Fri, 26 Mar 2021 10:56:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=405805 The High Court of Madras, in a judgment by Justice M. Duraiswamy and Justice T.V. Thamilselvi, ruled in favor of the assessee on key tax law issues. Firstly, interest expenditure had to be excluded from both export turnover and total turnover to avoid illogical results. Secondly, the assessee was eligible for deduction under section 10A despite the business transfer. Lastly, deductions under sections 10A or 10B should be made while computing gross total income, not at the stage of total income computation. The court dismissed the Revenue's appeal, upholding the assessee's position. Case-Laws Income Tax Mon, 08 Mar 2021 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=405805