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2014 (8) TMI 1234 - HC - Income TaxDeduction u/s 10B - tribunal justification in treating the interest earned from the fixed deposits, interest earned on staff loans and fines collected from the staff and the insurance claim is not in connection with business as provided under Section 10B - HELD THAT:- In the assessee’s case itself, for the assessment year 1998-99, this Court [2010 (4) TMI 1147 - KARNATAKA HIGH COURT] held the said income has to be included in the business income. This Court also had an occasion to consider this question in extenso in the case of the Commissioner of Income Tax vs Motorola India Electronics (P) Ltd. [2014 (1) TMI 1235 - KARNATAKA HIGH COURT] where interpreting Section 10B held what is exempted is not merely the profits and gains from the export of articles but also the income from the business of the undertaking. The impugned order passed by the tribunal cannot be sustained. Appeal is allowed. The substantial question of law framed is answered in favour of the assessee.
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