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2018 (10) TMI 1105 - AT - Income TaxDeduction u/s 10B - Treating the interest income from GEB as "Business Income" OR "Income from other sources" - Held that:- Refering to the case of CIT AND DCIT, BANGALORE VERSUS M/S MOTOROLA INDIA ELECTRONICS PVT LTD [2014 (1) TMI 1235 - KARNATAKA HIGH COURT] the provisions of section 10B(4) of the Act mandates to claim the deduction for the profit of the business of the undertaking registered as 100% EOU. Therefore, the profit earned in the form of interest income by the assessee from such eligible unit in the course of the business is eligible for deduction u/s 10B of the Act. Therefore, we find no infirmity in the order of ld CIT(A). Hence, the ground of appeal of the Revenue is dismissed. e Reducing the amount of freight and insurance from the export turnover / total turnover for working out the deduction u/s 10B - Held that:- Amount of freight and insurance needs to be excluded from the export turnover as well as from the total turnover while calculating the amount eligible for deduction u/s 10B of the Act. Hence, we find no infirmity in the order of ld CIT(A). The ground of appeal of the Revenue is dismissed. Calculating the amount eligible for deduction u/s 10B of the act without reducing the interest on capital and remuneration to partners - Held that:- As relying on ALIDHRA TEXSPIN ENGINEERS VERSUS THE ACIT, VAPI CIRCLE, VAPI [2016 (5) TMI 202 - ITAT AHMEDABAD] we hold that the assessee was very much eligible to work out the quantum of deduction u/s 10B of the Act without reducing the amount of interest on capital and remuneration to the partners. Hence, we do not find any infirmity in the order of ld CIT(A). Thus, the ground of appeal of the Revenue is dismissed.
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