https://www.taxtmi.com/caselaws?id=394546 The Appellate Tribunal upheld the assessee's position in a case concerning the reduction of deduction under section 35D of the Income Tax Act, 1961. It ruled in favor of including foreign currency convertible bonds (FCCBs) in capital employed for the deduction under section 35D. The Tribunal also confirmed that the disallowance under section 35D should not affect the eligibility for deduction under section 10A, allowing the assessee to claim deductions on enhanced profits. The revenue's appeal was dismissed, and the assessee's appeal was partly allowed based on these findings. en-us Wed, 05 Feb 2020 00:00:00 +0530 Thu, 16 Apr 2020 11:58:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=394546 The Appellate Tribunal upheld the assessee's position in a case concerning the reduction of deduction under section 35D of the Income Tax Act, 1961. It ruled in favor of including foreign currency convertible bonds (FCCBs) in capital employed for the deduction under section 35D. The Tribunal also confirmed that the disallowance under section 35D should not affect the eligibility for deduction under section 10A, allowing the assessee to claim deductions on enhanced profits. The revenue's appeal was dismissed, and the assessee's appeal was partly allowed based on these findings. Case-Laws Income Tax Wed, 05 Feb 2020 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=394546