https://www.taxtmi.com/caselaws?id=269880 The High Court ruled that despite being worded as a deduction provision, Section 10A of the Income Tax Act functions as an exemption provision. The Court held that exempted income should not be subjected to tax computation provisions, rejecting the view that Section 10A is a deduction provision. Additionally, the Court determined that brought forward losses should be set off only after giving effect to Section 10A, clarifying the treatment of losses in computing the deduction. The Assessee's appeal was allowed, and the ITAT's decision was set aside, with no costs awarded. en-us Mon, 14 Dec 2015 00:00:00 +0530 Wed, 23 Dec 2015 08:47:44 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=269880 The High Court ruled that despite being worded as a deduction provision, Section 10A of the Income Tax Act functions as an exemption provision. The Court held that exempted income should not be subjected to tax computation provisions, rejecting the view that Section 10A is a deduction provision. Additionally, the Court determined that brought forward losses should be set off only after giving effect to Section 10A, clarifying the treatment of losses in computing the deduction. The Assessee's appeal was allowed, and the ITAT's decision was set aside, with no costs awarded. Case-Laws Income Tax Mon, 14 Dec 2015 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=269880