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2012 (10) TMI 117 - AT - Income TaxDisallowance of exemption u/s 10A - Held that:- The assessee is not entitled to claim deduction on the sales which were based upon the contract received by the old unit or the customers of the old unit. However, he can claim deduction of Profits and gains arising from Turnover on goods/works executed by the new unit - in favour of the assessee. Interest income - earning interest is not the business of the assessee, hence interest earned on the deposits cannot be held as income earned from the export business of the undertaking.
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