issue, we find that Sec. 2(12) of the Companies Act,
1956 defines "Debentures" to include debenture stock, bonds and any
other securities ... FCCBs in question are in the
nature of bonds as defined in the Foreign Currency Convertible Bonds
and Ordinary Shares (Through Depository Receipt Mechanism)
Scheme
reduction of foreign
currency expenses from export turnover by Ld.CIT (A).
Ld.AR submitted that expenses incurred in foreign currency
amounting ... computer software as defined in Explanation 2 to section 10A of the
Act. Ld.AR submitted that Ld.AO reduced foreign currency
expenditure from export
convertible foreign currency. Since in the
case of CCDs, there is repatriation obligation in foreign currency, as the
debentures would at a defined time
assessee was given a particular territory in Haryana,
boundaries whereof are specifically defined in the agreement for the
purposes of bottling, selling and distributing ... sell and distribute the project of the Pepsi in the defined territory during
the currency of the said agreement. Naturally, therefore, in order to
augment
foreign source of any currency whether
Indian or foreign. Clause (e) of section (2) of FCRA 1976 defines
foreign source to include (x) a citizen
account of exchange rate fluctuation on foreign currency loan is to be added to the cost of plant and machinery. Let us now deal with ... this purpose is defined under Section 43(1) of the Act.
11. It therefore, follows that when the actual cost defined in Section
holding that reimbursement of expenditure towards travel expenses
incurred in foreign currency are to be excluded from total turnover as well whereas
such exclusion ... section 10A of the IT Act and total turnover has not been defined in section
10A of the Act.
6. On the facts
other expenses
aggregating to Rs.55,22,17,834 incurred in foreign currency,
have to be excluded from the total turnover as well, for
computation ... Foreign currency 53,27,15,000
expenses (total)
5. The Assessee submitted that Explanation 2 to section 10A defines
'export turnover' to mean
business of computer
software development and services. The expenditure incurred in
foreign currency on Travelling, professional charges and Onsite
service charges are for development ... therefore there is no need to exclude the expenditure incurred in
foreign currency from the export turnover. The Assessee pointed
out that the legal position
deduction to the extent of export
revenue brought into India in foreign currency
19. The AO while computing deduction u/s. 10AA had considered
only ... specified. The assessee
also submitted that convertible foreign exchange has not been defined
in section 10AA of the Act and even the SEZ Act does
