Expenses cannot be excluded from Export Turnover u/s 10AA merely because it is in Foreign Currency

Renault Nissan Technology & Business Centre India Private Limited Vs CIT (Madras High Court) The issue under consideration is whether the foreign currency expenditure need to be excluded from the ‘export turnover’ of the assessee for the purpose of computing deduction under Section 10AA of the Act? In the present case, the assessee is an undertaking registered as a Special Economic Zone (SEZ) which is eligible to claim deduction under Section 10AA of the Income Tax Act, 1961 and it renders services out of this SEZ premises in Chennai. The assessee filed its Return of Income, after clai...