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2015 (10) TMI 1892 - AT - Income TaxEligibility for deduction U/s.10B - interest received from EEFC deposits and Bank deposits - Held that:- This issue has been decided by the Hon’ble Delhi High Court in favour of the assessee in the case of CIT vs. Indian Toners and Developers Ltd. [2008 (12) TMI 375 - DELHI HIGH COURT ] and by a series of Tribunal orders. Accordingly, we direct the Assessing Officer to include the gain from EEFC account as part of the profits eligible for deduction under section 1OA of the Act. This issue is decided in favour of the assessee. Also following the decision of the Tribunal in the case M/s.Cognizant Technology Solutions India Pvt. Ltd. Vs. ACIT [2013 (1) TMI 767 - ITAT CHENNAI ] hereby direct the Ld. Assessing Officer to include the interest from EEFC deposit and the other deposit in the bank account as part of the profits eligible for deduction u/s.10B of the Act because the nature of income earned on both the deposits are similar and the nature of deductions in Section 10A & 10B of the Act is also similar though available to assessee’s engaged in different field. Decided in favour of the assessee.
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