2018 (5) TMI 153

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.... Respondent: (By Ms. Tanmayee Rajkumar, Advocate For M/s King And Patridges, Advocates) JUDGMENT The Revenue seeks to maintain this appeal under Section 260-A of the Income Tax Act, 1961 ['the Act'] against the order dated 04.04.2017, as passed by the Income Tax Appellate Tribunal, 'C' Bench, Bengaluru ['the Tribunal'], in IT (TP) A No. 1223/Bang/2016 (relating to the Assessment Year 2009-2....

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....as also required to be reduced from the total turnover for computing profits eligible for deduction under Sect ion 10-A. These contentions were not accepted by the Assessing Officer. However, in appeal, the Commissioner of Income Tax (Appeals), Bengaluru-3 ['the CIT(A)'] accepted these contention of the assessee, inter alia, with reference to the decision of this Court in the case of COMMISSION....

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.... The method of computing the exemption under Section 10-A of the Act and precisely, the question as to whether the expenses excluded from the export turnover are also to be excluded from the total turnover for the purpose of Section10-A of the Act, has been dealt with by this Court in the case of TATA ELXSI LTD. (supra); and this Court has answered the question against the Revenue, while holding....

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....said ordinary meaning to be attributed to such word is to be in conformity with the context in which it is used. When the statute prescribes a formula and in the said formula, 'export turnover' is defined, and when the 'total turnover' includes export turnover, the very same meaning given to the export turnover by the legislature is to be adopted while understanding the meaning of the total turnov....