TaxTMI 
TaxTMI 
2016 (8) TMI 23
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..... This appeal is preferred by the Revenue against the order of the learned Commissioner of Income-tax(A) - 2, Hyderabad for AY 2010-11. 2. On perusal of record, we find that there was a delay of 8 days in filing this appeal before us. To this effect, the assessee filed condonation petition stating therein that the records for the AY 2010- 11 could not be traced out immediately, due to which, the....
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.... exchange outgo at Rs. 528.93 lakhs, and this figure represents expenses incurred in foreign exchange towards advertisement expenses, web hosting charges, image charges etc. While calculating the above allowable deduction u/s 10A, the assessee had not reduced the export turnover by the expenses incurred at Rs. 528.93 lakhs in foreign currency. AO observed that as per clause (iv) of Explanation 2 t....
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....me Court, the reliance placed by the assessee on the decision in this regard is not considered and the foreign outgo is reduced from the export turnover for the purpose of 10A. Accordingly, the allowable deduction u/s 10A was arrived at Rs. 2,43,97,528/- against Rs. 4,21,76,012/- claimed by the assessee. 4. Aggrieved by the order of the AO, the assessee preferred an appeal before the CIT(A). 5. ....
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....s raising the following grounds of appeal: 1) The CIT(A) erred in law and on facts while deciding the issues raised in the appeal. 2) The CIT(A) erred in the facts and circumstances of the case in directing the Assessing Officer that the expenditure incurred in foreign exchange towards advertisement expenses, Web hoisting charges and Image charges etc., are to be excluded from both export tur....