Dismissing the appeal of the revenue the Court held that; the Tribunal was justified in law in confirming the order of the Commissioner (Appeals), directing the Assessing Officer to exclude expenses incurred in foreign currency, both from the export turnover and total turnover for the purpose of computation of deduction under section\u00a010A\u00a0. The compensation\/damages received by the assessee on account of termination of service\/export contract were to be treated as profits of business. The amount from the export turnover which related to software supplied to another unit in the software technology park was entitled to deduction. Tribunal was justified in law in confirming the order of the Commissioner (Appeals) with regard to allowing setting off of brought forward losses. (AY. 2005 -06)<\/p>\n","protected":false},"excerpt":{"rendered":"
S. 10A : Free trade zone -Expenses incurred in foreign currency to be excluded from export turnover and total turnover\u2014 Compensation received on termination of export agreement constituted profits of business\u2014Supply of software to another exporter\u2014Entitled to Exemption-Loss Carried Forward From earlier years can be set off against income of current Year\u2014 Amendment by Finance Act, 2000.<\/p>\n","protected":false},"author":3,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"jetpack_post_was_ever_published":false,"_jetpack_newsletter_access":"","_jetpack_dont_email_post_to_subs":false,"_jetpack_newsletter_tier_id":0,"_jetpack_memberships_contains_paywalled_content":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[1],"tags":[],"class_list":["post-5767","post","type-post","status-publish","format-standard","hentry","category-digest"],"acf":[],"jetpack_featured_media_url":"","jetpack_shortlink":"https:\/\/wp.me\/p9S2Rw-1v1","jetpack-related-posts":[],"jetpack_sharing_enabled":true,"_links":{"self":[{"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/posts\/5767","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/users\/3"}],"replies":[{"embeddable":true,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/comments?post=5767"}],"version-history":[{"count":0,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/posts\/5767\/revisions"}],"wp:attachment":[{"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/media?parent=5767"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/categories?post=5767"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/tags?post=5767"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}