9911796707
TMI Blog2022 (10) TMI 1124X X X X Extracts X X X X X X X X Extracts X X X X ..... Mr.Vipul Agrawal And Mr.Parth Semwal, Advocates. Respondent: None JUDGMENT MANMOHAN, J: C.M.No.43994/2022 Keeping in view the averments in the application, the delay in refiling the appeal is condoned. Accordingly, the application stands disposed of. ITA No.392/2022 1. Present Income Tax Appeal has been filed challenging the order dated 20th December, 2018 passed by the Income Tax Appellat ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... and the said issue is pending adjudication in Civil Appeal No.9175 of 2018. 4. Having heard learned counsel for the Appellant, this Court finds that the issue raised in the present appeal is no longer res integra. In Principal Commissioner of Income Tax-1 vs. American Express India Pvt. Ltd., ITA No.749/2016, a Division Bench of this Court has held as under:- 1. The following question of law a ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... rted was not entitled to deduction under Section 10A of the 1961 Act. CIT(A) confirmed this view. The ITAT, however, reversed it. The question as to whether incomes such as the one set to be taxed, i.e. interest earned from the fixed deposits which in turn constituted the foreign export business income, are entitled to deduction under Section 10A was the subject of the judgment of this Court in Ri ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ther provisions in Chapter VIA, are independent of Sections 10A and 10B of the Act. It appears that the object of Section 80A (4) was to ensure that a unit which has availed of the benefit under Section 10B will not be allowed to further claim relief under Section 80IA or 80IB read with Section 80A (4). The intention does not appear to be to deny relief under Section 10B (1) read with Section 10B ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... igible for deduction u/s 10B of the Act. Once an income forms part of the business of the income of the eligible undertaking of the assessee, the same cannot be excluded from the eligible profits for the purpose of computing deduction u/s 10B of the Act." 5. In view of the above, with which this Court concurs, the question of law has to be and is answered in favour of the assessee and against th ..... X X X X Extracts X X X X X X X X Extracts X X X X
|
