2008 (8) TMI 916

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..... ssee against the order of the CIT(A)-I, Bangalore dated 06-11-2007 on the following grounds; 1. The CIT(A)-I, Bangalore erred in holding that the assessee is entitled to deduction u/s 10B of the IT Act in a sum of ₹ 68,56,713/- as against the claim of the assessee for exemption u/s 10B of the IT Act in a sum of ₹ 73,25,881/- 2. The CIT(A)-I, Bangalore erred in not appreciating th .....

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..... are no local sales, the assessee will be denied exemption u/s 10B of the IT Act to the extent of freight and insurance incurred by him. 2. We have heard both sides and perused the records. The issue involved in this appeal relate to deduction u/s 10B of the IT Act and also the freight and insurance charges that were incurred by the assessee for the export of goods which were sold on FOB basis. .....

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..... special provision relating to certain companies, the learned AO was within his jurisdiction to hold that when the amount of expenditure relatable to any income to which section 10A applied would have to be increased for deriving the book profit for the purpose of adjusted book profit to be computed under section 115JB. Since the deduction u/s 10A was restricted to 90 percent only for the year (im .....

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