2024 (11) TMI 648

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....S. Sriraman For the Respondents : Mrs. V. Pushpa Senior Standing Counsel COMMON JUDGMENT DR. ANITA SUMANTH., J. We have heard Mr.A.S.Sriraman, learned counsel for the appellant and Ms.V.Pushpa, learned Senior Standing Counsel for the respondent. 2. Though the appeal has been admitted on two questions of law, the arguments that are advanced touch on the first substantial question of law alone,....

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....nt had made claims for exemption under Section 10B of the Income Tax Act, 1961 (in short 'Act') in regard to the expenditures incurred in foreign currency which, according to the petitioner, are liable to be included in the ambit of 'export turnover' in the computation of such exemption. 5. The assessing authority did not accept the submission and in the first appeal the appellant....

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.... case, arose before the Karnataka High Court in CIT vs. Tata Elxsi Ltd. (2012) 204 Taxman 321/17. The issue before the Karnataka High Court was whether the Tribunal was correct in holding that while computing relief under Section10A of the IT Act, the amount of communication expenses should be excluded from the total turnover if the same are reduced from the export turnover? While giving the answe....

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....tion 10A of the IT Act + domestic sale proceed 19) In the instant case, if the deductions on freight, telecommunication and insurance attributable to the delivery of computer software under Section10A of the IT Act are allowed only in Export Turnover but not from the Total Turnover then, it would give rise to inadvertent, unlawful, meaningless and illogical result which would cause grave injusti....