Unrealized sale proceeds should be excluded from export and total turnover

Pentasoft Technologies Ltd. Vs ITO (OSD)/The ACIT (ITAT Chennai)

ITAT Chennai held that deduction under section 10A of the Income Tax Act should be computed after excluding unrealized sale proceeds from export turnover as well as total turnover.

Facts-

The assessee has raised the ground that learned Commissioner of Income Tax (Appeals) has erred in not allowing the unrealized sale proceeds of Rs. 24,32,35,200 from profits as per the Hon’ble High Court of Madras order approving to writ off the same and no excluding the unrealized sale proceeds of Rs. 24,32,35,200 from the export turnover as well as total turnover.

Conclusion-

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