Expenditure incurred in foreign exchange is to be reduced from the total turnover while computing the deduction under s 10A

Navayuga Info tech Private Limited Vs DCIT (ITAT Hyderabad)- Expenditure incurred on foreign travel, spent in foreign exchange, is to be reduced from the export turnover for the purpose of the computation of the deduction under s 10A. Interest on term deposits, profit on exchange variation, etc, do not form part of the profits and gains derived from the industrial undertakings qualifying for the exemption under s 10A. The mere fact that the deposit made was for the purpose of obtaining letters of credit which were used for the purpose of the business of the industrial undertaking does not est...