2015 (10) TMI 1086

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....B of the Income Tax Act, 1961 (Act, in short) is to be made as per the formula prescribed by Sub-Section (4), which reads as under: 10B. Special provision in respect of newly established hundred per cent export- oriented undertakings- (4) For the purposes of sub-section (1), the profits derived from export of articles or things or computer software shall be the amount which bears to the prof....

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....ead in harmony with Sub-section (4) which is the formula for finding out or computing what is eligible for deduction under Sub-section (1). Neither of the two provisions should be made irrelevant and both have to be applied without negating the other. In other words, the manner of computing profits derived from exports under Sub-section (1), has to be determined as per the formula stipulated in Su....