Case Law Details
Court: Special Bench of Income Tax Appellate Tribunal (Tribunal) of Chennai
Citation: [ITA No. 1138 & 1141/Mds/2007] in the case of M/s Zylog Systems Ltd.
Brief: Special Bench (SB) of the Income Tax Appellate Tribunal (Tribunal) of Chennai [ITA on the issue of whether, while computing deduction in respect of export profits of a 100% export oriented undertaking (EOU) under Section 10B (Section) of the Indian Tax Laws (ITL):
(a) Expenses incurred in foreign currency on onsite computer software development at the client’s place outside India should be excluded from export turnover; and
(b) Export proceeds utilized outside India for expenses relating to exports should be excluded from export turnover as a non-qualifying export turnover.
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