Pr. Commissioner Of Income Tax-2 v. M/S. Value Labs

HONOURABLE SRI JUSTICE V. RAMASUBRAMANIAN AND HONOURABLE SRI JUSTICE P. KESHAVA RAO I.T.T.A. No.652 OF 2018 JUDGMENT: (per V. Ramasubramanian, J) The Revenue has come up with the above Appeal under Section 260A of the Income Tax Act, 1961, raising the following substantial questions of law:

"Whether in the facts and circumstances of the case and in law, the Hon'ble ITAT is correct in directing the Assessing Officer to exclude the expenditure incurred in foreign exchange towards professional charges, from both export turnover and total turnover though Explanation 2 to Section 10A of the Income Tax Act, 1961 clearly states that they need to be excluded from export turnover and no such reduction is provided for in relation to total turnover?"

2. Heard Ms. K. Mamatha, learned Senior Standing Counsel for the Department.

3. The question of law raised in the above appeal is answered against the Revenue by the Supreme Court in CIT v. HCL Technologies Ltd.1.

4. Therefore, the appeal is dismissed. No order as to costs.

1. (2018) 404 ITR 719 (SC)

VRS,J&PKR,J ITTA No.652 of 2018 As a sequel thereto, Miscellaneous Applications, if any, pending in the appeal shall stand closed.

____________________________ V. RAMASUBRAMANIAN, J ____________________________ P. KESHAVA RAO, J JANUARY 04, 2019 vhb/Mgr