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Information technology stocks will be under mild pressure this week as Karnataka High Court has upheld the view of income-tax authorities that the work carried out by Infosys Technologies for clients overseas, from 1992-93 to 1996-97, is in the nature of ‘technical services'. According to reports in a section of press, the High Court has ruled that expenses incurred in foreign currency, related to technical services rendered abroad, should be deducted from the figures of export turnover and total turnover for computing deduction. Though the implication would be minimal for Tier-I information technology stocks, sentiment would weigh against them.
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