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1 - 7 of 7 (0.38 seconds)Section 260A in The Income Tax Act, 1961 [Entire Act]
The Income Tax Act, 1961
C.I.T., Central-Iii, N.Delhi vs Hcl Technologies Ltd. on 24 April, 2018
The relevant portion of the judgment of the
Hon'ble Supreme Court in the case of HCL
Technologies Ltd. (supra), is quoted below for ready
reference:-
The Commissioner Of Income Tax vs M/S. Tata Elxsi Ltd on 30 August, 2011
"17. The similar nature of controversy, akin
this case, arose before the Karnataka High Court
in CIT v. Tata Elxsi Ltd. [2012] 204 Taxman
321/17/taxman.com 100/349 ITR 98. The issue
before the Karnataka High Court was whether
the Tribunal was correct in holding that while
computing relief under Section 10A of the IT Act,
the amount of communication expenses should be
excluded from the total turnover if the same are
reduced from the export turnover? While giving
the answer to the issue, the High Court, inter-alia,
held that when a particular word is not defined
by the legislature and an ordinary meaning is to
be attributed to it, the said ordinary meaning is to
be in conformity with the context in which it is
used. Hence, what is excluded from 'export
turnover' must also be excluded from 'total
turnover', since one of the components of 'total
turnover' is export turnover. Any other
interpretation would run counter to the legislative
intent and would be impermissible.
Tata Elxsi Ltd. vs Asstt. Cit on 16 October, 2007
In
view of the findings of the co-ordinate bench of
the Tribunal in the case of Kodiak Network India
Pvt. Ltd., [supra], we hold that 12 companies out
of 13 sought by the assessee are required to be
excluded from the list of comparables where as
the company Bodhtree Consulting Ltd., is
accepted as a good comparable of software
development services provided by the assessee.
Accordingly, we direct the TPO/A.O to exclude 12
companies as mentioned in para 25 of the order
of the co-ordinate bench [supra] from the set of
comparables and recomputed the ALP after
considering the claim of risk adjustment as well
as the benefit of tolerance range of +/- 5% as per
the proviso to section 92C(2)."
The Customs Act, 1962
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