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 w...
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 intr...
DGFT : IMPORT AND EXPORT MANDAOTRY DOCUMENTS REDUCED Mandatory documents required for import and export of goods reduced to three documen...
Income Tax : ACIT vs. Prakash I. Shah (i) The exchange rate gain difference pertaining to exports is an integral part of the exports and expor...
Income Tax : Mysodet (P) Ltd vs. CIT (Supreme Court) -Where in respect of the asst. year 1990-91, the assessee claimed deduction under section ...
Custom Duty : Lutron GL Sales & Services Pvt. Ltd. Vs Commissioner of Customs (CESTAT Delhi) The issue under consideration is whether the pe...
Income Tax : The issue under consideration is whether extra realization made in rupees for export sale proceeds in foreign exchange due to adve...
Income Tax : So far as the scrap is concerned, the sale proceeds from the scrap may either be shown separately in the Profit and Loss Account o...
Income Tax : CIT vs Kalpataru Colours and Chemicals (SC) - Supreme Court has on 08.02.2012 reversed Bombay High Court Judgment in the case of C...
Income Tax : (a)Expenses incurred in foreign currency on onsite computer software development at the client's place outside India should be exc...
Though there is no definition of the term ‘total turnover’ in section 10A, there is also nothing in the said section to mandate that what is excluded from the numerator (export turnover) would nevertheless form part of the denominator. One would have to apply consistent standards in understanding and applying a term, particularly when, such term, viz. export turnover has an independent function and at the same time a part of a larger term viz., total turnover.Thus, if some expenses, for any reason are excluded in arriving at the ‘export turnover’ the same should be reduced form ‘total turnover’ also.
THE main point raised in this appeal is against the reduction in the claim of deduction u/s. 80HHC. The facts are that the return of income was filed claiming deduction u/s. 80HHC at Rs. 7,38,416/-. During the course of assessment proceedings the Assessing Officer noted that there was a net profit of Rs. 14,54,272/- on total export turnover of Rs. 2,48,26,964/ -. The net profit included Duty draw back turnover of Rs. 21,10,298/- and DEPB of Rs. 6,63,942/-. The Assessing Officer on verification of export in Form No. 10CCAC observed that the assessee has Loss on export turnover at Rs. 10,19,985/-.
