Section 80IB Deduction: DEPB excluded from export incentive will also be excluded from total turnover

Polybond India Pvt. Ltd. Vs JCIT (ITAT Pune) It is seen that the assessee claimed deduction u/s 10B of the Act. In the computation of deduction, the assessee inter alia, excluded DEPB entitlement of Rs.48.28 lakhs from the `export turnover‟ which amount was also excluded from the amount of `total turnover’. The authorities below have opined that though the assessee was correct in excluding DEPB benefit from the `export turnover‟ but ought to have retained it in the `total turnover‟. In our considered opinion, this proposition is ill-founded. `Total turnover‟ comprises of `export ...