https://www.taxtmi.com/caselaws?id=756578 ITAT Bangalore allowed the assessee's appeal regarding section 10A exemption denial. The revenue department computed export turnover incorrectly by excluding foreign exchange expenditure from export turnover but not from total turnover when determining the 75% threshold. The tribunal held that expenditure incurred in foreign exchange must be excluded from both export turnover and total turnover to maintain consistency. The court emphasized that section 10A is a beneficial provision intended to promote exports and should be construed liberally, directing the AO to compute the 75% threshold based on gross receipts under section 10A(2)(ia). en-us Wed, 31 Jul 2024 00:00:00 +0530 Mon, 05 Aug 2024 13:10:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=756578 ITAT Bangalore allowed the assessee's appeal regarding section 10A exemption denial. The revenue department computed export turnover incorrectly by excluding foreign exchange expenditure from export turnover but not from total turnover when determining the 75% threshold. The tribunal held that expenditure incurred in foreign exchange must be excluded from both export turnover and total turnover to maintain consistency. The court emphasized that section 10A is a beneficial provision intended to promote exports and should be construed liberally, directing the AO to compute the 75% threshold based on gross receipts under section 10A(2)(ia). Case-Laws Income Tax Wed, 31 Jul 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=756578