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2018 (1) TMI 1319 - ITAT, BENGALURUProfits eligible for deduction under section 10A - Tribunal held that interest earned out of deposits not made out of any compulsion or necessity would not help augment the export activity of the Appellant - whether the interest income in question was assessable under the head ‘profits and gains of business or profession and not ‘income from other sources’? - Held that:- Decided in favour of assessee as relying on case of M/s. Hewlett Packard Global Soft Ltd. [2017 (11) TMI 205 - KARNATAKA HIGH COURT] wherein held assessee was entitled to 100% exemption or deduction under Section 10-A of the Act in respect of the interest income earned by it on the deposits made by it with the Banks in the ordinary course of its business and also interest earned by it from the staff loans and such interest income would not be taxable as ‘Income from other Sources’ under Section 56 of the Act.
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