High Court Rules: Consistent Deduction Calculations Required u/s 10B of Income Tax Act for Export Business Profits.

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....Computation of deduction u/s 10B - Even in the common parlance, when the object of the formula is to arrive at the profit from export business, expenses excluded from export turnover have to be excluded from total turnover also. Otherwise any other interpretation makes the formula unworkable and absurd. Hence, we are satisfied that such deduction shall be allowed from the total turnover in same proportion as well. - HC....