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TMI Blog2022 (10) TMI 1124X X X X Extracts X X X X X X X X Extracts X X X X ..... ble undertaking of the assessee, the same cannot be excluded from the eligible profits for the purpose of computing deduction u/s 10B - No substantial question of law arises - ITA 392/2022 - - - Dated:- 12-10-2022 - HON BLE MR. JUSTICE MANMOHAN AND HON BLE MS. JUSTICE MANMEET PRITAM SINGH ARORA Appellant: Mr.Zoheb Hossain, Sr.Standing Counsel for the Revenue with 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 d ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... and 10B of the Income Tax Act, 1961? 2. The facts necessary for deciding the case are that the assessee had maintained, at the relevant time, i.e. AY 2005-06, a unit eligible for the benefit of Section 10A of the Income Tax Act, 1961 [hereafter the 1961 Act ] and claimed ₹ 2.48 crores as income from other sources, i.e. interest earned out of fixed deposits. These fixed deposits were derived from export proceeds reported by the assessee to which it was eligible for benefit under Section 10A of the 1961 Act. The Assessing Officer (AO) ruled that the interest income so reported 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 i ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... sions as is sought to be suggested by Mr. Manchanda. Also, he is not right in contending that the decisions of the High Courts referred to above have not noticed the decision of the Supreme Court in Liberty India. The Karnataka High Court in CIT v. Motorola India Electronics Pvt. Ltd. (supra) makes a reference to the said decision. That decision of the Karnataka High Court has been cited with approval by this Court in Hritnik Exports (supra) and Universal Precision Screws (supra). In Hritnik Exports (supra) the Court quoted with approval the observations of the Special Bench of the ITAT in Maral Overseas Ltd. (supra) that Section 10A/10B of the Act is a complete code providing the mechanism for computing the profits of the business‟ ..... X X X X Extracts X X X X X X X X Extracts X X X X
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