2016 (3) TMI 460

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....or the Respondent : Sri K K Chythanya, Adv ORDER In all appeals, more than one questions are raised but learned counsel appearing for the appellant has pressed only one question in all appeals which reads as under: "1. Whether on facts and in the circumstances of the case, the Tribunal is right in law in directing the assessing authority not to exclude the expenses incurred in foreign cur....

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....des, we find that the appeals need not be retained any further since the question raised in the present appeals are covered by the decision of this Court in ITA No.660/08 in case of Commissioner of Income Tax vs. Tata Elxsi Ltd., decided on 16th September 2014. We may record that, in the decision of this Court referred above, it was observed thus: "This appeal is preferred by the Revenue challe....

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....ation 2 (iv) of Section 10A of the Act which clearly contemplated that such expenditure was liable to be deducted from the export turnover for the purpose of computing deduction U/s.10A of the Act?" 3. This Court had an occasion to consider the said questions of law in the case of Commissioner of Income Tax And Another Vs. MICO in ITA No.1172/2006, wherein the said substantial questions o....

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.... of this Court in case of Tata Elxsi Ltd., Whereas, the learned counsel for the assessee submitted that as such, the effect of the decision of this Court may not be deferred till the Apex Court decides the matter. However, he submitted in the event Revenue succeeds in the proceedings before the Apex Court against the decision of this Court in Tata Elxsi Ltd., the consequential order may be passed ....