export turnover

eBRC – FAQs

DGFT - Q.1 Where I can find detailed step by step instruction on filing an application? Ans. Please check HELP file for details on DGFT website Q.2 How do I know if a BRC is eBRC or manual BRC? Ans. From 17.08.2012, banks transmit all BRC data electronically to DGFT. Such BRC is called ‘e-BRC’. BRC issued […]...

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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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Higher discount justified if Goods imports in Bulk & maintain inventory by incurring Additional Cost

Lutron GL Sales & Services Pvt. Ltd. Vs Commissioner of Customs (CESTAT Delhi) - Lutron GL Sales & Services Pvt. Ltd. Vs Commissioner of Customs (CESTAT Delhi) The issue under consideration is whether the percentage of enhancement to the transaction value ordered by the Deputy Commissioner of Customs is justified in law? In the present case, the appellant M/s Lutron GL Sales...

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Section 80HHC Exchange Rate Fluctuations is Export Turnover 

J.P. Khaitan Vs Mr. Debasish Chowdhury (Calcutta High Court) - The issue under consideration is whether extra realization made in rupees for export sale proceeds in foreign exchange due to adverse exchange rate of rupee would be part of the export turnover in the year of receipt and qualify it for deduction u/s Section 80-HHC ?...

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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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Recent Posts in "export turnover"

eBRC – FAQs

Q.1 Where I can find detailed step by step instruction on filing an application? Ans. Please check HELP file for details on DGFT website Q.2 How do I know if a BRC is eBRC or manual BRC? Ans. From 17.08.2012, banks transmit all BRC data electronically to DGFT. Such BRC is called ‘e-BRC’. BRC issued […]...

Read More
Posted Under: Income Tax |

Higher discount justified if Goods imports in Bulk & maintain inventory by incurring Additional Cost

Lutron GL Sales & Services Pvt. Ltd. Vs Commissioner of Customs (CESTAT Delhi)

Lutron GL Sales & Services Pvt. Ltd. Vs Commissioner of Customs (CESTAT Delhi) The issue under consideration is whether the percentage of enhancement to the transaction value ordered by the Deputy Commissioner of Customs is justified in law? In the present case, the appellant M/s Lutron GL Sales & Services Pvt. Limited imports lig...

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Section 80HHC Exchange Rate Fluctuations is Export Turnover 

J.P. Khaitan Vs Mr. Debasish Chowdhury (Calcutta High Court)

The issue under consideration is whether extra realization made in rupees for export sale proceeds in foreign exchange due to adverse exchange rate of rupee would be part of the export turnover in the year of receipt and qualify it for deduction u/s Section 80-HHC ?...

Read More

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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