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TMI Blog2018 (6) TMI 1038X X X X Extracts X X X X X X X X Extracts X X X X ..... k deposits and also miscellaneous income relating to sundry balance written back. Accordingly we uphold the order passed by the CIT(A) on this issue. Eligibility of the assessee to claim deduction under Section 10AA of the Act in respect of interest income from FDI and sundry balances written back to be allowed MAT computation - computation of book profit under Section 115JB - AO refused to deduct the profit arising from Unit located in SEZ from the net profit for the purpose of computing book profit under Section 115JB - Held that:- the profit arising from the Unit located in SEZ is liable to be excluded as per provisions of Section 115JB(6) of the Act. He also submitted that an identical issue was considered by the Coordinate Bench ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... and are being disposed of by this common order, for the sake of convenience. 3. We shall first take up the appeal filed in the case of Gebbs Healthcare Solutions P. Ltd., wherein the following issues are urged: - (a) Whether the assessee is entitled for deduction under Section 10B of the Income Tax Act (hereinafter the Act ). (b) Whether the assessee is entitled for deduction under Section 10B of the Act in respect of interest income of ₹ 76,262/- and miscellaneous income of ₹ 3,650/-. (c) Whether the assessee is entitled for deduction under Section 10AA of the Act on sundry balances written back of ₹ 34,998/- and interest income of ₹ 5,23,615/-. (d) Whether the income of the assessee from unit locat ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... he Coordinate Bench in assessee s own case in ITA No. 101/Mum/2016 relating to A.Y. 2010-11, vide its order dated 05.01.2018. Following the order passed by the Coordinate Bench, we uphold the order passed by the CIT(A) on this issue. 6. Next issue relates to allowability of assessee s claim under Section 10B of the Act on interest income of ₹ 76,262/- and miscellaneous income of ₹ 3,650/-. The interest income was earned from fixed deposits kept with banks. The AO disallowed the claim for deduction u/s 10B of the above said income on the reasoning that they cannot be considered as income derived from export business. The learned A.R. submitted that the income was earned from fixed deposits kept with banks, which was a pre-requ ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... gly we uphold the order passed by the learned CIT(A) on this issue. 9. Next issue relates to computation of book profit under Section 115JB of the Act. The AO refused to deduct the profit arising from Unit located in SEZ from the net profit for the purpose of computing book profit under Section 115JB of the Act. The learned A.R. submitted that the profit arising from the Unit located in SEZ is liable to be excluded as per provisions of Section 115JB(6) of the Act. He also submitted that an identical issue was considered by the Coordinate Bench in A.Y. 2010-11 and the same was decided in favour of the assessee by following the decision rendered by another Coordinate Bench in the case of Genesys International Corporation Ltd. (80 DTR Mum. ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ent years 2003-04 to 2005-06 (ITA No. 3370/Mum/2007, ITA No. 7738/Mum/2017 and ITA No. 7196/Mum/ 2018) respectively. Further, the Tribunal has decided identical issue in favour of the assessee in A.Y. 2006-07 in ITA No. 6147/Mum/2009. We noticed that the learned CIT(A) has decided this issue in favour of the assessee by following the decision rendered by the ITAT in A.Y. 2006-07. Accordingly we do not find any reason to interfere with the order passed by the learned CIT(A) on this issue. We uphold the same. 12. Next issue relates to eligibility of the assessee to claim deduction under Section 10B of the Act in respect of interest income, sundry balances written off and exchange rate fluctuations. We noticed that the learned CIT(A) has al ..... X X X X Extracts X X X X X X X X Extracts X X X X
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