SEZ-unit profit deduction covers voluntary transfer-pricing adjustments, while exempt-income costs, foreign-exchange loss and ITeS comparables are exa...
The assessee was entitled to deduction u/s 10A despite receiving foreign exchange beyond six months from the end of the previous year, as the Reserve Bank of India, being the competent authority under the Foreign Exchange Management Act, 1999, had granted approval for realization of export proceeds by the assessee. The HC held that such approval met the requirement of Section 10A(3), entitling the assessee to exemption u/s 10A. The decision was rendered in favor of the assessee, in line with the Bombay HC judgment in Morgan Stanley Advantage Services P. Ltd.
The assessee was entitled to deduction u/s 10A despite receiving foreign exchange beyond six months from the end of the previous year, as the Reserve Bank of India, being the competent authority under the Foreign Exchange Management Act, 1999, had granted approval for realization of export proceeds by the assessee. The HC held that such approval met the requirement of Section 10A(3), entitling the assessee to exemption u/s 10A. The decision was rendered in favor of the assessee, in line with the Bombay HC judgment in Morgan Stanley Advantage Services P. Ltd.
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TaxTMI 
TaxTMI 
