2014 (1) TMI 1781

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....N ALANKAMONY, ACCOUNTANT MEMBER AND SHRI CHALLA NAGENDRA PRASAD, JUDICIAL MEMBER Applicant by : Mr. S. Das Gupta, JCIT Respondent by : Dr. Anita Sumanth, Advocate O R D E R Per Challa Nagendra Prasad, JM: The Revenue has filed both these Miscellaneous Petitions seeking this Tribunal to reverse its order on ground no.3 raised by the assessee which was disposed off by this Tribunal in....

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.... export proceeds in foreign currency has to be excluded from total turnover for the purpose of computing deduction under section 10B of the Act, which goes contrary to the decision of the Hon'ble jurisdictional High Court in the case of Galaxy Granites P.Ltd (supra). Therefore, he pleads that the order of the Tribunal may be recalled for the limited purpose of deciding the issue in ground no.3. ....

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....thin the stipulated period from the total turnover while computing the deduction u/s 10B. While 10B(3) prescribes exclusion of such amount from export turnover, there is no provision to reduce the same from the total turnover. This legal issue raised by the assessee was allowed by Tribunal (para. 8 to 12 of ITAT order) overlooking the decision of the very same bench earlier in the case of Visteon ....

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....as the appeal for the assessment year 2008-09 in ITA No.13/Mds/2013 is concerned, this Tribunal decided ground no.3 raised by the assessee in paras 8 to 12 of the order. While disposing of the appeal, the Tribunal did not consider the decision of the jurisdictional High Court in the case of Galaxy Granites (P) Ltd. Vs. CIT (supra) as submitted by the Departmental Representative. The Hon'ble Suprem....