Technologies (P) Ltd. v. ACIT

94 TTJ 557Income Tax Appellate Tribunal2005#9937 most cited

What is Technologies (P) Ltd. v. ACIT authority for?

Foreign exchange gains arising from export transactions are includible in the profits eligible for deduction under Section 10A/10B of the Income-tax Act, as they have a direct nexus with the export proceeds.

11

judgments rely on this decision, according to BharatTax’s citation analysis of 366,315 Indian tax judgments — from 2015 to 2025.

Also referred to as

Technologies (P) Ltd. v. ACIT · 94 TTJ 557 · ITAT · Section 10A · Section 10B · foreign exchange gain · export profits · deduction · business income

Sections most often in play

Section 10ASection 139(1)Section 143(3)Section 147Section 148Section 195Section 250Section 263

Issues it is cited on

section 80hhcomputer softwaresection 10asection 10section 80transfercompanyindiatotal incomebusinessinterest

Judgments citing Technologies (P) Ltd. v. ACIT

ACIT, New Delhi vs. M/S Nuwave E Solutions (P) Ltd., New Delhi

In the result, appeal of the Revenue is dismissed

ITA 3676/DEL/2011[2007-08]Status: DisposedITAT Delhi12 Sept 2025AY 2007-08

Bench: Shri Sudhir Kumar & Shri Manish Agarwal[Assessment Year : 2007-08] Acit, Vs M/S. Nuwave E Solutions (P) Circle-13(1), Ltd., 3Rd Floor, District Centre, New Delhi Dda Building, Nehru Place, New Delhi. Pan-Aabcn5790Q Appellant Respondent Appellant By Shri Pravin Rawal, Cit Dr Respondent By Dr. Rakesh Gutpa, Adv., Shri Saksham Agarwal, Ca, Shri Somil Agarwal, Adv. & Shri Deepesh Garg, Adv. Date Of Hearing 26.06.2025 Date Of Pronouncement 12.09.2025 Order Per Manish Agarwal, Am : The Captioned Appeal Is Filed By The Revenue Against The Order Dated 15.03.2011 Passed By Ld. Commissioner Of Income Tax (Appeal)-Xvi, New Delhi [“Cit(A)”, In Short] Passed U/S 250 Of The Income Tax Act, 1961 [“The Act”] Arising From The Assessment Order Dated 31.12.2010 Passed U/S 143(3) Of The Act Pertaining To Assessment Year 2007-08. 2. Brief Facts Of The Case Are That Assessee Is A Company & E- Filed Its Return Of Income On 30.08.2007, Declaring Total Income Of Inr 1,45,48,453/-. The Said Return Was Revised On 20.08.2008, Declaring The Same Income As Was Declared The Return Of Income Filed U/S 139(1). The Case Of The Assessee Was Selected For Scrutiny & Various Queries Were Raised Which Were Replied By The Assessee. The Assessee Is Engaged In The Business Of Development & Export Of Software & 100% Eou Registered With Director Software Technology Park Of India In Terms Of Registration Certificate Dated 31.03.1999. The Major Shareholder In The Assessee Company Is Shri Anil Gutpa Who Is Having 99% Shareholding & Is Taking Substantial Interest In Day-To-Day Affairs Of The Assessee & Also In Its Associate Enterprises (“Ae”) At Us Who Is The Sole Buyer Of The Software Developed By The Assessee.

Section 10Section 10ASection 139(1)Section 143(3)Section 250Section 40Section 801A

…is includible in the profits eligible for deduction under section 104/10B of the Act. Further reliance can be placed on the following judicial pronouncements:- a) Smt. Sujatha Grover v. Deputy CIT (2002) 74 TTJ 347 (Delhi) b) Priyanka Gems v. Asst. CIT [2005] 94 TTJ 557 (And) c) CIT v. Rane (Madras) Ltd. [1999] 238 ITR 377 (Mad), where even a forward contract in foreign exchange, which had nexus with the export of goods could be treated as relating to the activity eligible for deduction in the context of sections 80E and 80-I. In fact, the case of the appellant is also covered by the decision of Hon'ble Supreme C…

Niho Construction Ltd., New Delhi vs. ITO, Ward- 18(2), New Delhi

In the result, appeal of the Revenue is dismissed

ITA 3676/DEL/2018[2012-13]Status: DisposedITAT Delhi28 Apr 2025AY 2012-13

Bench: Shri Sudhir Kumar & Shri Manish Agarwal[Assessment Year : 2007-08] Acit, Vs M/S. Nuwave E Solutions (P) Circle-13(1), Ltd., 3Rd Floor, District Centre, New Delhi Dda Building, Nehru Place, New Delhi. Pan-Aabcn5790Q Appellant Respondent Appellant By Shri Pravin Rawal, Cit Dr Respondent By Dr. Rakesh Gutpa, Adv., Shri Saksham Agarwal, Ca, Shri Somil Agarwal, Adv. & Shri Deepesh Garg, Adv. Date Of Hearing 26.06.2025 Date Of Pronouncement 12.09.2025 Order Per Manish Agarwal, Am : The Captioned Appeal Is Filed By The Revenue Against The Order Dated 15.03.2011 Passed By Ld. Commissioner Of Income Tax (Appeal)-Xvi, New Delhi [“Cit(A)”, In Short] Passed U/S 250 Of The Income Tax Act, 1961 [“The Act”] Arising From The Assessment Order Dated 31.12.2010 Passed U/S 143(3) Of The Act Pertaining To Assessment Year 2007-08. 2. Brief Facts Of The Case Are That Assessee Is A Company & E- Filed Its Return Of Income On 30.08.2007, Declaring Total Income Of Inr 1,45,48,453/-. The Said Return Was Revised On 20.08.2008, Declaring The Same Income As Was Declared The Return Of Income Filed U/S 139(1). The Case Of The Assessee Was Selected For Scrutiny & Various Queries Were Raised Which Were Replied By The Assessee. The Assessee Is Engaged In The Business Of Development & Export Of Software & 100% Eou Registered With Director Software Technology Park Of India In Terms Of Registration Certificate Dated 31.03.1999. The Major Shareholder In The Assessee Company Is Shri Anil Gutpa Who Is Having 99% Shareholding & Is Taking Substantial Interest In Day-To-Day Affairs Of The Assessee & Also In Its Associate Enterprises (“Ae”) At Us Who Is The Sole Buyer Of The Software Developed By The Assessee.

Section 10Section 10ASection 139(1)Section 143(3)Section 250Section 40Section 801A

…is includible in the profits eligible for deduction under section 104/10B of the Act. Further reliance can be placed on the following judicial pronouncements:- a) Smt. Sujatha Grover v. Deputy CIT (2002) 74 TTJ 347 (Delhi) b) Priyanka Gems v. Asst. CIT [2005] 94 TTJ 557 (And) c) CIT v. Rane (Madras) Ltd. [1999] 238 ITR 377 (Mad), where even a forward contract in foreign exchange, which had nexus with the export of goods could be treated as relating to the activity eligible for deduction in the context of sections 80E and 80-I. In fact, the case of the appellant is also covered by the decision of Hon'ble Supreme C…

DCIT-3(2)(1), Mumbai vs. Syntel Private Limited, Mumbai

In the result, the appeal of the Revenue is dismissed

ITA 1972/MUM/2023[2016-2017]Status: DisposedITAT Mumbai08 Sept 2023AY 2016-2017

Bench: Shri Om Prakash Kant () & Shri Pavan Kumar Gadale () Assessment Year: 2016-17 Dcit-3(2)(1), Syntel Private Limited, Room No. 608, 6Th Floor, Unit No. 112 Sdf Iv, Seepz Aayakar Bhavan, M.K. Road, Vs. Andheri East Mumbai-400096. Mumbai-400020. Pan No. Aaacs 8305 D Appellant Respondent

For Appellant: Mr. Harsh M. KapadiaFor Respondent: Mr. Dr. Kishor Dhule, CIT-DR
Section 10ASection 80A(5)

…exchange gain allowed the claim of the assessee. Similarly in respect of exchange gain the Tribunal has allow the Tribunal has allowed the exemption after following the orders of ed the exemption after following the orders of ITAT in the case of Priyanka Gem, 94 TTJ 557 and Sujata Grover, 74 ITAT in the case of Priyanka Gem, 94 TTJ 557 and Sujata Grover, 74 ITAT in the case of Priyanka Gem, 94 TTJ 557 and Sujata Grover, 74 TTJ 347. The exchange gain has also a direct nexus with the sale TTJ 347. The exchange gain has also a direct nexus with the sale TTJ 347. The exchange gain has also a direct nexus with the sal…

The Jt. CIT, Range-4, Ahmedabad vs. M/S. Mastek Ltd., Ahmedabad

ITA 514/AHD/2016[2010-11]Status: DisposedITAT Ahmedabad03 Sept 2019AY 2010-11

Bench: Shri Pramod Kumar & Ms Madhumita Roysl. Ita No(S) Appeal(S) By Asset. Nos Year(S) Appellant Vs. Respondent Appellant Respondent 1. 1188/Ahd/2015 2009-10 M/S Mastek Ltd., D.C.I.T., (Osd)-1,Circle-4, 804/805Ahmedabad House, Opp. C.N. Vidyalaya, Nr. Ambawadi Circle, Ambawadi, Ahmedabad -380 006 Pan:Aaacm9908Q 2. 1852/Ahd/2015 2009-10 A.C.I.T., M/S. Mastek Ltd. Circle-2(1)(2), Ahmedabad. Ahmedabad 3. It(Tp) 172/Ahd/2016 2010-11 M/S. Mastek Ltd. J.C.I.T., Ahmedabad Range-4, Ahmedabad 4. It(Tp) 514/Ahd/2016 2010-11 A.C.I.T., M/S. Mastek Ltd. Circle-2(1)(2), Ahmedabad Ahmedabad Assessee By : Shri S. N. Soparkar & Parin Shah, A.Rs. Revenue By : Shri Krishna Murari, Cit- D.R.

For Appellant: Shri S. N. Soparkar & Parin Shah, A.RsFor Respondent: Shri Krishna Murari, CIT- D.R
Section 143Section 143(1)Section 143(3)Section 14A

…ubmission of the Ld. A.R carefully. I find considerable force in the submissions of the Ld. A.R. This is a recurring issue which has been decided earlier in the favour of the appellant. Further, the Hon'ble ITAT, Ahmedabad in the case of ITO vs. Gami Exports (94 TTJ 557) has held that the gains from foreign exchange fluctuations are eligible for deduction u/s.80HHC. Therefore, considering the same analogy, the gains would also be eligible for deduction u/s.10A of the Act. In this regard the relevant extracts of the said decision of the Hon'ble ITAT Ahmedabad as referred to above are as under.- "Export bills are d…

Mastek Limited, Ahmedabad vs. The Jt.CIT, Rang4, Ahmedabad

ITA 172/AHD/2016[2010-11]Status: DisposedITAT Ahmedabad03 Sept 2019AY 2010-11

Bench: Shri Pramod Kumar & Ms Madhumita Roysl. Ita No(S) Appeal(S) By Asset. Nos Year(S) Appellant Vs. Respondent Appellant Respondent 1. 1188/Ahd/2015 2009-10 M/S Mastek Ltd., D.C.I.T., (Osd)-1,Circle-4, 804/805Ahmedabad House, Opp. C.N. Vidyalaya, Nr. Ambawadi Circle, Ambawadi, Ahmedabad -380 006 Pan:Aaacm9908Q 2. 1852/Ahd/2015 2009-10 A.C.I.T., M/S. Mastek Ltd. Circle-2(1)(2), Ahmedabad. Ahmedabad 3. It(Tp) 172/Ahd/2016 2010-11 M/S. Mastek Ltd. J.C.I.T., Ahmedabad Range-4, Ahmedabad 4. It(Tp) 514/Ahd/2016 2010-11 A.C.I.T., M/S. Mastek Ltd. Circle-2(1)(2), Ahmedabad Ahmedabad Assessee By : Shri S. N. Soparkar & Parin Shah, A.Rs. Revenue By : Shri Krishna Murari, Cit- D.R.

For Appellant: Shri S. N. Soparkar & Parin Shah, A.RsFor Respondent: Shri Krishna Murari, CIT- D.R
Section 143Section 143(1)Section 143(3)Section 14A

…ubmission of the Ld. A.R carefully. I find considerable force in the submissions of the Ld. A.R. This is a recurring issue which has been decided earlier in the favour of the appellant. Further, the Hon'ble ITAT, Ahmedabad in the case of ITO vs. Gami Exports (94 TTJ 557) has held that the gains from foreign exchange fluctuations are eligible for deduction u/s.80HHC. Therefore, considering the same analogy, the gains would also be eligible for deduction u/s.10A of the Act. In this regard the relevant extracts of the said decision of the Hon'ble ITAT Ahmedabad as referred to above are as under.- "Export bills are d…

Asstt. Commissioner of Income Tax, Circle-2(1)(2), Ahmedabad vs. M/S. Mastek Ltd., Ahmedabad

ITA 1852/AHD/2015[2009-10]Status: DisposedITAT Ahmedabad03 Sept 2019AY 2009-10

Bench: Shri Pramod Kumar & Ms Madhumita Roysl. Ita No(S) Appeal(S) By Asset. Nos Year(S) Appellant Vs. Respondent Appellant Respondent 1. 1188/Ahd/2015 2009-10 M/S Mastek Ltd., D.C.I.T., (Osd)-1,Circle-4, 804/805Ahmedabad House, Opp. C.N. Vidyalaya, Nr. Ambawadi Circle, Ambawadi, Ahmedabad -380 006 Pan:Aaacm9908Q 2. 1852/Ahd/2015 2009-10 A.C.I.T., M/S. Mastek Ltd. Circle-2(1)(2), Ahmedabad. Ahmedabad 3. It(Tp) 172/Ahd/2016 2010-11 M/S. Mastek Ltd. J.C.I.T., Ahmedabad Range-4, Ahmedabad 4. It(Tp) 514/Ahd/2016 2010-11 A.C.I.T., M/S. Mastek Ltd. Circle-2(1)(2), Ahmedabad Ahmedabad Assessee By : Shri S. N. Soparkar & Parin Shah, A.Rs. Revenue By : Shri Krishna Murari, Cit- D.R.

For Appellant: Shri S. N. Soparkar & Parin Shah, A.RsFor Respondent: Shri Krishna Murari, CIT- D.R
Section 143Section 143(1)Section 143(3)Section 14A

…ubmission of the Ld. A.R carefully. I find considerable force in the submissions of the Ld. A.R. This is a recurring issue which has been decided earlier in the favour of the appellant. Further, the Hon'ble ITAT, Ahmedabad in the case of ITO vs. Gami Exports (94 TTJ 557) has held that the gains from foreign exchange fluctuations are eligible for deduction u/s.80HHC. Therefore, considering the same analogy, the gains would also be eligible for deduction u/s.10A of the Act. In this regard the relevant extracts of the said decision of the Hon'ble ITAT Ahmedabad as referred to above are as under.- "Export bills are d…

Mastek Limited, Ahmedabad vs. The Dy.CIT, (OSD) - 1, Circle-4, Ahmedabad

ITA 1188/AHD/2015[2009-10]Status: DisposedITAT Ahmedabad03 Sept 2019AY 2009-10

Bench: Shri Pramod Kumar & Ms Madhumita Roysl. Ita No(S) Appeal(S) By Asset. Nos Year(S) Appellant Vs. Respondent Appellant Respondent 1. 1188/Ahd/2015 2009-10 M/S Mastek Ltd., D.C.I.T., (Osd)-1,Circle-4, 804/805Ahmedabad House, Opp. C.N. Vidyalaya, Nr. Ambawadi Circle, Ambawadi, Ahmedabad -380 006 Pan:Aaacm9908Q 2. 1852/Ahd/2015 2009-10 A.C.I.T., M/S. Mastek Ltd. Circle-2(1)(2), Ahmedabad. Ahmedabad 3. It(Tp) 172/Ahd/2016 2010-11 M/S. Mastek Ltd. J.C.I.T., Ahmedabad Range-4, Ahmedabad 4. It(Tp) 514/Ahd/2016 2010-11 A.C.I.T., M/S. Mastek Ltd. Circle-2(1)(2), Ahmedabad Ahmedabad Assessee By : Shri S. N. Soparkar & Parin Shah, A.Rs. Revenue By : Shri Krishna Murari, Cit- D.R.

For Appellant: Shri S. N. Soparkar & Parin Shah, A.RsFor Respondent: Shri Krishna Murari, CIT- D.R
Section 143Section 143(1)Section 143(3)Section 14A

…ubmission of the Ld. A.R carefully. I find considerable force in the submissions of the Ld. A.R. This is a recurring issue which has been decided earlier in the favour of the appellant. Further, the Hon'ble ITAT, Ahmedabad in the case of ITO vs. Gami Exports (94 TTJ 557) has held that the gains from foreign exchange fluctuations are eligible for deduction u/s.80HHC. Therefore, considering the same analogy, the gains would also be eligible for deduction u/s.10A of the Act. In this regard the relevant extracts of the said decision of the Hon'ble ITAT Ahmedabad as referred to above are as under.- "Export bills are d…

ITO 10(2)(2), Mumbai vs. Lionbridge Technologies P.Ltd, Navi Mumbai

In the result, the appeals of the assessee in ITA No

ITA 290/MUM/2015[2010-11]Status: DisposedITAT Mumbai18 Nov 2015AY 2010-11

Bench: Sh. A.D. Jainand Sh. N.K. Billaiya

For Appellant: S/Sh. Ajay Vohra. Sr.Advocate & N.K. Jain, AdvocateFor Respondent: S/Sh. N.K.Chand, CIT(DR) & Jitendra Yadav

…s to be considered as part of the net profit margin. In this regard, reliance has been placed on the following case laws: 1) “Renaissance Jewellery (P) Ltd”, 101 ITD 380. 2) “Changepon Technologies (P) Ltd. vs. ACIT”, 119 TTJ 18 3) “Priyanka Gems vs. ACIT”, 94 TTJ 557 4) “Discover India Tours (P) Ltd.”, 104 TTJ 298 (Del.) 5. “DCIT vs. Think 3 Designs India (P) Ltd.” 6. “Think 3 Designs India (P) Ltd. vs. DCIT”, ITA Nos. 692 to 694(Bang)/2010 (Bang. ITAT). 7. “K. Uttamlal Exports Ltd. vs. DCIT”, 133 Taxman 248 (Mum.) 8. “Mohindra Impex vs. ACIT”, 121 Taxman 326 (Del.) 9. “ITO vs. Banyan Chemicals (P) Ltd.”, 3…

Lionbridge Technologies P.Ltd, Navi Mumbai vs. ITO 8(2)(2), Mumbai

In the result, the appeals of the assessee in ITA No

ITA 7415/MUM/2014[2010-11]Status: DisposedITAT Mumbai18 Nov 2015AY 2010-11

Bench: Sh. A.D. Jainand Sh. N.K. Billaiya

For Appellant: S/Sh. Ajay Vohra. Sr.Advocate & N.K. Jain, AdvocateFor Respondent: S/Sh. N.K.Chand, CIT(DR) & Jitendra Yadav

…s to be considered as part of the net profit margin. In this regard, reliance has been placed on the following case laws: 1) “Renaissance Jewellery (P) Ltd”, 101 ITD 380. 2) “Changepon Technologies (P) Ltd. vs. ACIT”, 119 TTJ 18 3) “Priyanka Gems vs. ACIT”, 94 TTJ 557 4) “Discover India Tours (P) Ltd.”, 104 TTJ 298 (Del.) 5. “DCIT vs. Think 3 Designs India (P) Ltd.” 6. “Think 3 Designs India (P) Ltd. vs. DCIT”, ITA Nos. 692 to 694(Bang)/2010 (Bang. ITAT). 7. “K. Uttamlal Exports Ltd. vs. DCIT”, 133 Taxman 248 (Mum.) 8. “Mohindra Impex vs. ACIT”, 121 Taxman 326 (Del.) 9. “ITO vs. Banyan Chemicals (P) Ltd.”, 3…

Lionbridge Technologies P. Ltd, Navi Mumbai vs. ITO RG 8(2)(2), Mumbai

In the result, the appeals of the assessee in ITA No

ITA 668/MUM/2014[2009-10]Status: DisposedITAT Mumbai18 Nov 2015AY 2009-10

Bench: Sh. A.D. Jainand Sh. N.K. Billaiya

For Appellant: S/Sh. Ajay Vohra. Sr.Advocate & N.K. Jain, AdvocateFor Respondent: S/Sh. N.K.Chand, CIT(DR) & Jitendra Yadav

…s to be considered as part of the net profit margin. In this regard, reliance has been placed on the following case laws: 1) “Renaissance Jewellery (P) Ltd”, 101 ITD 380. 2) “Changepon Technologies (P) Ltd. vs. ACIT”, 119 TTJ 18 3) “Priyanka Gems vs. ACIT”, 94 TTJ 557 4) “Discover India Tours (P) Ltd.”, 104 TTJ 298 (Del.) 5. “DCIT vs. Think 3 Designs India (P) Ltd.” 6. “Think 3 Designs India (P) Ltd. vs. DCIT”, ITA Nos. 692 to 694(Bang)/2010 (Bang. ITAT). 7. “K. Uttamlal Exports Ltd. vs. DCIT”, 133 Taxman 248 (Mum.) 8. “Mohindra Impex vs. ACIT”, 121 Taxman 326 (Del.) 9. “ITO vs. Banyan Chemicals (P) Ltd.”, 3…

ITO 8(2)(2), Mumbai vs. Lionbridge Technologies P.Ltd, Navi Mumbai

In the result, the appeals of the assessee in ITA No

ITA 1375/MUM/2014[2009-10]Status: DisposedITAT Mumbai18 Nov 2015AY 2009-10

Bench: Sh. A.D. Jainand Sh. N.K. Billaiya

For Appellant: S/Sh. Ajay Vohra. Sr.Advocate & N.K. Jain, AdvocateFor Respondent: S/Sh. N.K.Chand, CIT(DR) & Jitendra Yadav

…s to be considered as part of the net profit margin. In this regard, reliance has been placed on the following case laws: 1) “Renaissance Jewellery (P) Ltd”, 101 ITD 380. 2) “Changepon Technologies (P) Ltd. vs. ACIT”, 119 TTJ 18 3) “Priyanka Gems vs. ACIT”, 94 TTJ 557 4) “Discover India Tours (P) Ltd.”, 104 TTJ 298 (Del.) 5. “DCIT vs. Think 3 Designs India (P) Ltd.” 6. “Think 3 Designs India (P) Ltd. vs. DCIT”, ITA Nos. 692 to 694(Bang)/2010 (Bang. ITAT). 7. “K. Uttamlal Exports Ltd. vs. DCIT”, 133 Taxman 248 (Mum.) 8. “Mohindra Impex vs. ACIT”, 121 Taxman 326 (Del.) 9. “ITO vs. Banyan Chemicals (P) Ltd.”, 3…

Technologies (P) Ltd. v. ACIT (94 TTJ 557) — Cited in 11 Judgments | BharatTax