Home Case Index All Cases Income Tax Income Tax + HC Income Tax - 2020 (6) TMI HC This
Forgot password New User/ Regiser ⇒ Register to get Live Demo
2020 (6) TMI 638 - HC - Income TaxDeduction u/s. 10A - Tribunal held that the interest earned on deposits kept as margin money is part of the profits derived from export and therefore eligible for deduction in terms of the provisions of Section 10A - HELD THAT:- Parties jointly submitted that the first substantial question of law has been answered by a Full Bench of this Court in 'COMMISSIONER OF INCOME TAX Vs. HEWLETT PACKARD GLOBAL SOFT LTD. [2017 (11) TMI 205 - KARNATAKA HIGH COURT] in the favour of assessee. Computing deduction u/s. 10A - losses of EC-1 & EC-2 units cannot be set off against the profits of the EC-3 unit for the purpose of computing deduction - Whether the Tribunal committed an error in not taking into consideration the amendment to Section 10A of the Act by Finance Act 2000 w.e.f. 01.04.2001, the deduction of profits and gains earned by the undertaking from the export of the article or things or computer software is required to be allowed from the total income of the assessee and consequently the loss from any STP / non STP unit is required to be set off against the income of the other STP unit before allowing deduction u/s. 10A of the Act? - HELD THAT:- The second and third substantial questions of law have been answered by the Supreme Court in 'COMMISSIONER OF INCOME-TAX Vs. YOKOGAWA INDIA LTD.' [2016 (12) TMI 881 - SUPREME COURT] - Decided in favour of assessee.
|