Home Case Index All Cases Income Tax Income Tax + HC Income Tax - 2020 (2) TMI HC This
Forgot password New User/ Regiser ⇒ Register to get Live Demo
2020 (2) TMI 1234 - HC - Income TaxDeduction u/s 10-A / 10-B - income of the Assessee u/s 41 could be treated as 'export income' of the Assessee and was therefore entitled to deduction under Section 10-A/10-B - Assessee Company had offered stock option scheme to its employees and Assessee Company had offered stock option scheme to its employees in the preceding assessment years and following the SEBI guidelines and standard accounting practices, the said amount was debited to the Profit and Loss Account of the Assessee Company - HELD THAT:- As relying on HEWLETT PACKARD GLOBAL SOFT LTD. [2017 (11) TMI 205 - KARNATAKA HIGH COURT] and M/S. CAMICERIA APPARELS INDIA P. [2019 (3) TMI 73 - MADRAS HIGH COURT] we are inclined to take a view that the income brought to tax under Section 41 of the Act by reversal of the entry with regard to the stock option given to the employees is also in the nature of 'export income' and therefore, the Assessee is entitled to exemption / deduction under Section 10-A / 10-B of the Act and the view taken by the learned Tribunal is not sustainable. - Decided in favour of assessee.
|