https://www.taxtmi.com/caselaws?id=252746 The High Court of Andhra Pradesh addressed the disallowance of deductions claimed by a 100% Export Oriented Unit under Section 10B of the Income Tax Act, 1961. The Tribunal allowed the appeal, permitting exemptions for interest earned on bank deposits for opening Letters of Credit but disallowing deductions related to public issue share deposits and inter-corporate deposits. The Court emphasized the need for a clear nexus between income and export activities to qualify for tax exemptions under Section 10B, aligning with established legal principles from relevant Supreme Court judgments. en-us Thu, 16 Oct 2014 00:00:00 +0530 Tue, 17 Feb 2015 18:35:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=252746 The High Court of Andhra Pradesh addressed the disallowance of deductions claimed by a 100% Export Oriented Unit under Section 10B of the Income Tax Act, 1961. The Tribunal allowed the appeal, permitting exemptions for interest earned on bank deposits for opening Letters of Credit but disallowing deductions related to public issue share deposits and inter-corporate deposits. The Court emphasized the need for a clear nexus between income and export activities to qualify for tax exemptions under Section 10B, aligning with established legal principles from relevant Supreme Court judgments. Case-Laws Income Tax Thu, 16 Oct 2014 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=252746