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TMI Blog2021 (3) TMI 183X X X X Extracts X X X X X X X X Extracts X X X X ..... d by this Court in Commissioner of Income Tax-I,Chennai v. M/s.Tata Consultancy Services Ltd., Chennai] [ 2021 (2) TMI 988 - MADRAS HIGH COURT] wherein this Bench, following the Judgment M/S MPHASIS LTD. (FORMERLY KNOWN AS MPHASIS BFL LTD.) [ 2019 (11) TMI 1383 - SUPREME COURT] and the Judgment reported in Commissioner of Income-Tax, Bangalore v. Mphasis Ltd [ 2014 (8) TMI 690 - KARNATAKA HIGH COURT] decided the issue in favour of the assessee. Decided in favour of the assessee. - Tax Case Appeal Nos.382 and 384 of 2011 - - - Dated:- 24-2-2021 - Hon'ble Mr. Justice M. Duraiswamy And Hon'ble Mrs. Justice T.V. Thamilselvi For the Appellant : Mrs.V.Pushpa Standing Counsel For the Respondent : Mr. Bavishetty Sridhar Dep ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... te contract and may utilise the balance 70% of the contract value of onsite contract for contract related expenses including branch expenses abroad. The Assessing Officer held that the RBI's Guideline for remittance under the FEMA was not applicable in interpreting the term export turnover as defined in section 10B. The Assessing Officer also held that the total turnover of ₹ 14,73,76,574/- to be considered including the expenses irrespective of whether such expenses were incurred in Indian currency or foreign currency. 3.2. Regarding the disallowance of export proceeds to the extent of ₹ 6,00,07,757/- on the ground of unrealized onsite contract, the assessee relied on the RBI's Circular dated 26.06.2002. The asses ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... should be excluded form the total turnover also? TCA No.382 of 2011 (i) Whether on the facts and in the circumstances of the case, the Income Tax Appellate Tribunal was right in holding that loss on foreign exchange fluctuation should be allowed as claimed by the assessee contrary to the decision of the Hon'ble Jurisdictional High Court in the case of Indian Overseas Bank (250ITR 146)? (ii) Whether on the facts and in the circumstances of the case, the Income Tax Appellate Tribunal was right in not dealing with the ground raised by the Revenue that unrealised onsite development revenue should be excluded from the export turnover? 5. When the appeals were taken up for hearing, Mr. Bavishetty Sridhar, learned Deputy ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ny, shall also stand disposed of. 6. The learned Deputy Official Liquidator submitted that the issue involved in the present appeals had already been decided by this Court in Tax Case Appeal Nos. 255 to 257 of 2011[Commissioner of Income Tax-I,Chennai v. M/s.Tata Consultancy Services Ltd., Chennai] by Common Judgment dated 19.02.2021 wherein this Bench, following the Judgment reported in 2020 (113) Taxmann.com 74 (SC) [cited supra.] and the Judgment reported in 2016 (74) Taxmann.com 274 (Karnataka) [Commissioner of Income-Tax, Bangalore v. Mphasis Ltd.] , decided the issue in favour of the assessee. The learned Deputy Official Liquidator further submitted that in view of the Judgments of the Hon'ble Supreme Court and thi ..... X X X X Extracts X X X X X X X X Extracts X X X X
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