Dismissing the appeal of the revenue the Court held that the Tribunal was right in holding that the expenditure in foreign exchange was to be excluded from both the export turnover and the total turnover while computing the deduction under section 10A. Followed CIT v. SRA Systems Ltd (2021) 434 ITR 656(Mad) (HC) (AY. 2006-07)
PCIT v. Mizpah Publishing Services Pvt. Ltd. (2021) 434 ITR 663 (Mad.)(HC)
S. 10A : Free trade zone-Foreign exchange-Deductible from both export turnover and total turnover.