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2015 (10) TMI 1892 - ITAT CHENNAI

2015 (10) TMI 1892 - ITAT CHENNAI - TMI - Eligibility 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 .....

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e 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. - ITA No. 2868/Mds./2014 - Dated:- 26-8-2015 - A. Mohan Alankamony, AM, J. For the Appellant : Mr K M Mohandass, CA For the Respondent : Dr B Nischal, JCIT, DR ORDER Per A. Mohan Alankamony , Accountant Member This appeal is filed by the Assessee, aggrieved by the order of the Learned Commissioner of Income Tax(A)-II, Chennai dated I .....

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for deduction U/s.10B of the Act since they are not derived from export of things/articles. 3. The brief facts of the case are that the assessee is accompany engaged in the business of software development and exports, filed its return of income on 30.11.2000 declaring Nil income after claiming deduction of ₹ 6.28,83,715/- U/s.10B of the Act. Subsequently the assessment was reopened U/s.147 and the assessment was completed U/s.143(3) read with section 147 of the Act on 20/12/2007 wherein .....

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0B of the Act, as the interest is not derived from the export of things/articles. 4. At the outset, Ld. A.R. relied in the decision of this Tribunal in the case M/s. Cognizant Technology Solutions India Pvt. Ltd. Vs. ACIT in ITA Nos.114 & 2100/Mds./2011 for the assessment years 2005-06 & 2007-08 vide order dated 23rd January, 2013 wherein the Tribunal decided the issue in favour of the assessee. On the other hand, Ld.D.R placed reliance in the orders of the Revenue and also relied in the .....

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reproduced herein below for ready reference:- 6.1. The first ground is that the lower authorities have erred in excluding the net exchange gain on Exchange Earner s Foreign Currency (EEFC) account from profits eligible for deduction under section 10A of the Act. The issue is that the assessee is permitted by RBI to keep a part of its foreign exchange earnings in foreign currency account abroad so that it can be used by the assessee for purchasing raw materials and availing other services and if .....

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CIT, Mumbai in ITA No.2788 & 2789 of 2004 ; in the case of Discover India Tours(P) Ltd. vs. Assessing Officer, 9 SOT 665 (Del); in the case of CIT vs. Syntel Ltd. in ITA Nos.1974, 1976 & 1978 of 2009; in the case of Rajesh Exports Ltd. vs. ACIT in ITA No.51 of 2008, etc. 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. -9-. ITA 114 .....

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