Foreign currency expense cannot to be excluded for computing export Turnover

Mindtree Ltd Vs. ACIT (Karnataka High Court) Thus, the  Commissioner  of  Income  Tax (Appeals) has recorded a categorical finding that assessee is engaged in the development of computer software, which is exported outside India. The aforesaid finding has not been set aside by the Tribunal. Therefore, in view of Explanation 2(iii) to Section 10B of the Act, the expression ‘export turnover’ does not include any expenses incurred in foreign exchange in providing technical services outside India. The assessee has incurred expenditure of Rs.198,17,58,814/- in foreign currency from export t...