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Exp. related to prior period allowed to be set off if prior period income was held to be taxable

December 13, 2019[2019] 112 taxmann.com 91 (Gujarat)/[2019] 417 ITR 373 (Gujarat)
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INCOME TAX: Once prior period income was held to be taxable, prior period expenditure should also be allowed to be set off and assessee was not obliged in law to indicate any direct or indirect nexus between prior period income and prior period expenditure

INCOME TAX: Payment towards reimbursement of expenses by assessee to a non-resident did not involve any income element, therefore, no TDS was required to be deducted on such payment

INCOME TAX: Where 'unrealized export turnover' was excluded from 'export turnover', then same would be excluded from 'total turnover' also for purposes of computing deduction under section 10B

INCOME TAX: All profits and gains of assessee 100 per cent EOU including dividend income, profit on sale of fixed assets, profit on sale of investments, excess provision return back, duty drawback and interest income, would be entitled for exemption under section 10B

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