Dismissing the appeal of the revenue the Court held that the Tribunal was right in holding that the expenditure incurred by the assessee in foreign exchange to provide technical services outside India could not be excluded from the export turnover for computation of deduction and also the product development expenses incurred in foreign exchange could not be reduced from the export turnover for computation of deduction.
CIT v. Zylog Systems Ltd. (No. 1) (2020)429 ITR 82 (Mad.)(HC)
S. 10B : Export oriented undertakings-Export turnover-Expenses incurred in foreign exchange to provide technical services outside India and for product development-Expenditure cannot be excluded from export turnover.