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2010 (11) TMI 76 - ITAT, CHENNAI
Export Turnover - Deductions u/s 10B - Board circular no. 751/95 - Whether the expenses incurred in foreign currency on computer software development onsite at the client’s place outside India is to be excluded from export turnover - Held that: - in this case whatever the expenditure has been incurred on foreign soil in a sum of ₹ 3,33,46,592 were incurred in connect ion with development of software by the employees of the assessee company at foreign branch and nothing has been incurred on managerial or technical services rendered to any outsider in foreign soil . In view of this discussion we are inclined to allow the ground of the assessee that ₹ 3,33,46,592/ - should not be excluded from the export turnover for comput ing deduct ion u/s 10B of IT Act
AO was not justified in excluding a part to the export proceeds retained by the appellant abroad in accordance with the RBI guidelines while computing deduct ion u/s 10B of the Act - Decision in J.B. Boda & Co (1996 -TMI - 40198 - SUPREME Court) followed