Is expenditure incurred on foreign currency to be reduced for the purpose of computation of deduction u/s 10 of the IT Act?

Last updated: 18 June 2021

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Quick Summary

This case concerns whether expenditure incurred in foreign currency should be deducted from both export turnover and total turnover when calculating deductions under Section 10 of the Income Tax Act. The assessee argued that the law specifically allows exclusion from export turnover but not necessarily total turnover. The tribunal reviewed the Dispute Resolution Panel's directions regarding this matter.

Court :
ITAT Bangalore

Brief :
Present cross appeals has been filed by assessee against final assessment order dated 13/11/2015 passed by Ld.DCIT Circle 5(1)(1), Bangalore under section 143(3) read with 144C(3) of the Act on following grounds of appeal:

Citation :
IT(TP)A No.94/Bang/2016

Daily Limit Reached