export turnover

Discrepancy in Service Exports from India Scheme?

DGFT - New SEIS scheme is also not free from defects. There are certain discrepancy which have not been taken care of at the time of introducing such scheme nor there has been any clarification issued by Director General of Foreign Trade (‘DGFT’) in this regard, till date....

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Acche Din- Mandatory documents for Import/ Export Reduced to 3

DGFT - IMPORT AND EXPORT MANDAOTRY DOCUMENTS REDUCED Mandatory documents required for import and export of goods reduced to three documents each (w.e.f 1st apr,15): India took a step forward in improving ‘Ease of Doing Business’ by reducing the compulsory documents required for import and export of goods. The Directorate General of F...

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ITAT Spl Bench on s. 80HHC foreign exchange gain on Exchange Rate difference of Earlier Years

DGFT - ACIT vs. Prakash I. Shah (i) The exchange rate gain difference pertaining to exports is an integral part of the exports and export turnover and cannot be treated as income from other sources. (ii) However, where such gain relates to exports made in an earlier year, the deduction u/s 80HHC is allowable only in the year in which the export...

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Deduction Under section 80HHC is allowable on Proportionate Basis – SC

DGFT - Mysodet (P) Ltd vs. CIT (Supreme Court) -Where in respect of the asst. year 1990-91, the assessee claimed deduction under section 80-HHC on traded goods on the proportion that the export turnover bore to the total turnover even though there were no profits from the export activity and the High Court held, relying on IPCA Laboratories vs. ...

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Sales from one STP to another is not deemed export for Income Tax deductions : ITAT

DGFT - In the return of income, the assessee claimed deduction u/s 80HHE before setting off of brought forward business loss and unabsorbed depreciation from the gross total income. Before the Assessing Officer it was contended that section 80HHE is the self-contained section and contains the definition of profits of the business, export turnove...

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Section 80HHC- SC Explains meaning of Turnover- Sale proceeds of scrap is not ‘turnover’

Commissioner of Income Tax-VII Vs Punjab Stainless Steel Industries (Supreme Court of India) - So far as the scrap is concerned, the sale proceeds from the scrap may either be shown separately in the Profit and Loss Account or may be deducted from the amount spent by the manufacturing unit on the raw material, which is steel in the case of the respondent-assessee...

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S. 80HHC – SC reverses Bomaby HC judgment in Kalpataru case, DEPB Face value covered U/s. 28(iiib)

M/s Top man Exports vs. CIT (Supreme Court of India) - CIT vs Kalpataru Colours and Chemicals (SC) - Supreme Court has on 08.02.2012 reversed Bombay High Court Judgment in the case of CIT vs Kalpataru Colours and Chemicals and confirming the decision of Special bench of ITAT Mumbai in the case of Topman Exports vs. ITO held as follows:- Objective of ...

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Export Turnover under section 10B and non excludability of Expenses incurred in foreign currency on onsite computer software development at the client

M/s Zylog Systems Limited Vs The Income Tax Officer (ITAT Chennai) - (a)Expenses incurred in foreign currency on onsite computer software development at the client's place outside India should be excluded from export turnover; and (b)Export proceeds utilized outside India for expenses relating to exports should be excluded from export turnover as a non-qualifying exp...

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While computing the direct cost attributable to export, the freight and insurance should be excluded for arriving at export profits

section 80HHC, Deduction under Section 80HHC, Bombay High Court, export turnover,deduction under section 80HHC ...

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Special Bench judgement in Topman Exports reversed

Top man Exports Vs ITO (ITAT Mumbai) - In Topman Exports vs. ITO 318 ITR 87 (Mum)(SB)(AT) the Special Bench held that for purposes of s. 80HHC only the “profit” on sale of DEPB entitlements (i.e. the sale value less the face value) was required to be considered. In an appeal by the department, this judgement has been reversed by the ...

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Recent Posts in "export turnover"

Discrepancy in Service Exports from India Scheme?

New SEIS scheme is also not free from defects. There are certain discrepancy which have not been taken care of at the time of introducing such scheme nor there has been any clarification issued by Director General of Foreign Trade (‘DGFT’) in this regard, till date....

Read More
Posted Under: Income Tax |

Acche Din- Mandatory documents for Import/ Export Reduced to 3

IMPORT AND EXPORT MANDAOTRY DOCUMENTS REDUCED Mandatory documents required for import and export of goods reduced to three documents each (w.e.f 1st apr,15): India took a step forward in improving ‘Ease of Doing Business’ by reducing the compulsory documents required for import and export of goods. The Directorate General of F...

Read More
Posted Under: Income Tax |

Section 80HHC- SC Explains meaning of Turnover- Sale proceeds of scrap is not ‘turnover’

Commissioner of Income Tax-VII Vs Punjab Stainless Steel Industries (Supreme Court of India)

So far as the scrap is concerned, the sale proceeds from the scrap may either be shown separately in the Profit and Loss Account or may be deducted from the amount spent by the manufacturing unit on the raw material, which is steel in the case of the respondent-assessee...

Read More

S. 80HHC – SC reverses Bomaby HC judgment in Kalpataru case, DEPB Face value covered U/s. 28(iiib)

M/s Top man Exports vs. CIT (Supreme Court of India)

CIT vs Kalpataru Colours and Chemicals (SC) - Supreme Court has on 08.02.2012 reversed Bombay High Court Judgment in the case of CIT vs Kalpataru Colours and Chemicals and confirming the decision of Special bench of ITAT Mumbai in the case of Topman Exports vs. ITO held as follows:- Objective of DEPB scheme is to neutralize the inciden...

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Export Turnover under section 10B and non excludability of Expenses incurred in foreign currency on onsite computer software development at the client

M/s Zylog Systems Limited Vs The Income Tax Officer (ITAT Chennai)

(a)Expenses incurred in foreign currency on onsite computer software development at the client's place outside India should be excluded from export turnover; and (b)Export proceeds utilized outside India for expenses relating to exports should be excluded from export turnover as a non-qualifying export turnover....

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Special Bench judgement in Topman Exports reversed

Top man Exports Vs ITO (ITAT Mumbai)

In Topman Exports vs. ITO 318 ITR 87 (Mum)(SB)(AT) the Special Bench held that for purposes of s. 80HHC only the “profit” on sale of DEPB entitlements (i.e. the sale value less the face value) was required to be considered. In an appeal by the department, this judgement has been reversed by the Bombay High Court today, 29th June 2010....

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Posted Under: Income Tax |

Profit element on sale of DEPB, i.e., the amount in excess of sale proceeds over the face value is covered u/s 28(iiid)

Jindal Drugs Ltd. Vs Asst. Commissioner of Income-Tax (ITAT Mumbai)

S. 80HHC; in favor of taxpayer: Post the amendment by Taxation Law Amendment Act, 2005 (effective from 1 April 1998), controversy had arisen as to whether in case of an exporter having export turnover of more than INR100 million (where generally conditions mentioned in section 80HHC cannot be satisfied), the entire sale proceeds of DEPB...

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Revision under section 263 of IT Act, 1961 is not reassessment

Geometric Software Solutions Co. Ltd. Vs. ACIT (ITAT Mumbai 'G' Bench)

The revision u/s. 263 is not like the reopening of the assessment where once the assessment is reopened entire assessment is open before the Assessing Officer to be reconsidered in accordance with law. In the revision proceedings, the CIT cannot travel beyond the reasons given by him for revision in the show cause notice....

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Only Profit on Sale of DEPB required to be considered for calculation of deduction u/s. 80HHC

Topman Exports Vs. ITO (ITAT Mumbai)

Expl. (baa) to S. 80HHC defines the term “profits of the business” to mean the profits under the head “profits and gains” as reduced by 90% of the sum referred to in s. 28 (iiid). The 2nd & 3rd Provisos to s. 80HHC (3) provide that the profits computed there under shall be increased by the said 90% amount computed in the proportio...

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