https://www.taxtmi.com/caselaws?id=305189 The court held that share premium cannot be considered as part of 'Capital Employed' for deduction under Section 35D of the IT Act. The cost of acquisition of companies cannot be treated as an asset for deduction under the same section. Section 35D deductions can be disturbed in subsequent years. Telecommunication expenses should not be excluded from export turnover for computing deduction under Section 10AA. The court ruled against the assessee on issues 1 to 3 and in favor of the assessee on issue 4, resulting in the dismissal of the appeal. en-us Fri, 01 Oct 2021 00:00:00 +0530 Tue, 22 Nov 2022 09:01:05 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=305189 The court held that share premium cannot be considered as part of 'Capital Employed' for deduction under Section 35D of the IT Act. The cost of acquisition of companies cannot be treated as an asset for deduction under the same section. Section 35D deductions can be disturbed in subsequent years. Telecommunication expenses should not be excluded from export turnover for computing deduction under Section 10AA. The court ruled against the assessee on issues 1 to 3 and in favor of the assessee on issue 4, resulting in the dismissal of the appeal. Case-Laws Income Tax Fri, 01 Oct 2021 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=305189