Held that none of the authorities had considered the facts and dealt with the issue in proper perspective with regard to the assessee’s claim that deduction under section 10A was erroneously made due to the exclusion of foreign currency expenditure from the export turnover. As the issue needed verification, it was restored to the Assessing Officer for a decision in terms of the principle laid down by the Tribunal in the assessee’s own case for an earlier assessment year. That the Assessing Officer was directed to verify whether refund had been issued to the assessee and, if so, the interest charged thereon under section 234D. Disallowance under section 14A is remanded. (AY.2009-10)
Virtusa Consulting Services P. Ltd. v. Dy. CIT (2024)114 ITR 386 (Chennai)(Trib)
S. 10A : Free trade zone-Foreign currency expenditure from export turnover-Refund-Interest on refund-Disallowance of expenditure-Exempt income-Interest-Matter remanded-Matter remanded. [S. 14A, 234D]
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