TMI Blog2023 (1) TMI 224X X X X Extracts X X X X X X X X Extracts X X X X ..... re also eligible for deduction u/s 10A of the IT Act. Admittedly, the income earned as interest on the staff loans is not in any way connected with the business of Hewlett Packard, which was under consideration before the full Bench. In the case on hand, the assessee was receiving the amount as rental income and in Hewlett Packard, the amount was received as interest on deposits and the staff loans. Therefore, in our considered view, the conditions such as location of unit in an STPI having been complied with, the benefit of Section 10A of the IT Act must be available to the assessee in this case also. These appeals must fail and they are accordingly dismissed. - INCOME TAX APPEAL NO. 348 OF 2018 A/W INCOME TAX APPEAL NO. 349 OF 201 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... r state taxes paid outside India by following the decision of this Hon'ble Court in case of Wipro Ltd? 4. Whether on the facts and in the circumstances of the case and in law, the Tribunal is right in allowing in setting aside re-computation of Section 10A made by Assessing Authority by following the judgment of this Hon'ble Court in case of CIT Vs. Tata Elxsi Ltd? 5. Whether on the facts and in the circumstances of the case and in law, the Tribunal is right in directing the Assessing Authority to allow proportionate deduction under Section 10A of the Act on account of disallowance of Rs.25,20,566/- made under Section 14A of the Act? 6. Whether on the facts and in the circumstances of the case and in law, the Tribuna ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ion of it was leased to Infosys BPO Ltd., and BSNL, Chennai, on sub-lease. Assessee was receiving rent from the said Companies. It claimed deduction under Section 10A of the Income Tax Act. The Assessing Authority disallowed the rental income received from the said two Companies on the ground that the lease amounts received from the said Companies cannot be considered as income derived from export of any software. The CIT(A) held that the rental income received by the assessee is eligible for inclusion in the profit as they are intimately connected with the business of the undertakings. The Revenue challenged the said finding of CIT(A) before the ITAT in IT(TP)A No.233/Bang/2013. Assessee also challenged CIT(A)'s order on different poin ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... la extracted in para 18 of the said judgment. In substance, Shri. Suryanarayana's contention is that once the unit is situated in the geographical location of an STPI, it is entitled for deduction under Section 10A of the IT Act and the 'export profit' must be computed as per the formula. 9. We have carefully considered rival contentions and perused the records. 10. Undisputed facts of the case are, assessee is situated in the STPI and is a 100% EOU. A portion of the premises which was taken on lease has been given on sublease to the two units and the assessee has received certain sum of money as rental income. 11. In the case of Hewlett Packard, the full Bench of this Court has held that the interest earned on the depo ..... X X X X Extracts X X X X X X X X Extracts X X X X
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