The Commissioner of Income-tax LTU, Bangalore / The Commissioner of Income-tax LTU, Bangalore v. Mind Tree Ltd. (Formerly Mind Tree Consulting Private Ltd.)
[Citation -2020-LL-0817-10]
| Citation | 2020-LL-0817-10 |
|---|---|
| Appellant Name | The Commissioner of Income-tax LTU, Bangalore / The Commissioner of Income-tax LTU, Bangalore |
| Respondent Name | Mind Tree Ltd. (Formerly Mind Tree Consulting Private Ltd.) |
| Court | HIGH COURT OF KARNATAKA |
| Relevant Act | Income-tax |
| Date of Order | 17/08/2020 |
| Assessment Year | 2007-08 |
| Judgment | View Judgment |
| Keyword Tags | substantial question of law • expenditure incurred • computing deduction • foreign currency • export turnover • total turnover |
| Bot Summary: | Mr.Chythanya K.K., learned counsel for the assessee. This appeal under Section 260-A of the Income Tax Act, 1961 has been preferred by the revenue which was admitted by a Bench of this Court on 03.07.2013 on the following substantial question of law: Whether the Appellate Authorities were correct in holding that the expenditure incurred in foreign currency reduced from export turnover has to be reduced from total turnover for computing deduction under Section 10B of the Act in the 3 absence of any provisions in Section 10B of the Act which requires the concerned expenses to be reduced from total turnover also 3. When the matter was taken up today, learned counsel for the revenue fairly submitted that the substantial question of law has been answered against the revenue by the Supreme Court in COMMISSIONER OF INCOME-TAX, CENTRAL-III Vs. HCL TECHNOLOGIES LTD. 302 CTR 191. In view of the aforesaid enunciation of law, the substantial question of law framed by this Court in this appeal is answered against the revenue and in favour of the assessee. |