https://www.taxtmi.com/caselaws?id=209942 The High Court reversed the Tribunal's decision, denying income-tax exemption under section 10A of the Income-tax Act for profits from inter-unit sales within SEZs. The court held that exemption is only available for actual exports with consideration received in convertible foreign exchange, as defined by the RBI. The court emphasized that the SEZ Act does not change the requirement for actual exports with convertible foreign exchange, rejecting the liberal interpretation by the Tribunal. The court concluded that extending exemption to inter-unit sales within SEZs would be contrary to the statutory provisions. en-us Wed, 27 Jul 2011 00:00:00 +0530 Mon, 24 Dec 2012 16:02:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=209942 The High Court reversed the Tribunal's decision, denying income-tax exemption under section 10A of the Income-tax Act for profits from inter-unit sales within SEZs. The court held that exemption is only available for actual exports with consideration received in convertible foreign exchange, as defined by the RBI. The court emphasized that the SEZ Act does not change the requirement for actual exports with convertible foreign exchange, rejecting the liberal interpretation by the Tribunal. The court concluded that extending exemption to inter-unit sales within SEZs would be contrary to the statutory provisions. Case-Laws Income Tax Wed, 27 Jul 2011 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=209942