Dismissing the appeal of the revenue the Court held that; Expenses excluded from export turnover should also be excluded from total turnover. Court also observed that, when a particular word is not defined by the Legislature and an ordinary meaning is to be attributed to it, the ordinary meaning is to be in conformity with the context in which it is used. ( AY.2005 -06)
PCIT v. Cypress Semiconductors Technology India Pvt. Ltd. (2018) 408 ITR 531 (Karn.)(HC)
S. 10A : Free trade zone – Export turn over- Total turnover Expenses excluded from export turnover should also be excluded from total turnover.