https://www.taxtmi.com/caselaws?id=397675 The High Court ruled in favor of the Assessee, dismissing the Revenue's appeal. It held that interest income from bank deposits is eligible for 100% deduction under Section 10A/10B of the Income Tax Act for Export Oriented Units. The Court also allowed the Assessee to set off business loss under Section 10A against other income, including interest income, under the same head, in accordance with Section 70 of the Act. The judgment emphasized the integral nature of interest income to export business activities and affirmed the Assessee's entitlement to deductions and setoffs as per the law. en-us Thu, 20 Aug 2020 00:00:00 +0530 Tue, 27 Oct 2020 17:22:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=397675 The High Court ruled in favor of the Assessee, dismissing the Revenue's appeal. It held that interest income from bank deposits is eligible for 100% deduction under Section 10A/10B of the Income Tax Act for Export Oriented Units. The Court also allowed the Assessee to set off business loss under Section 10A against other income, including interest income, under the same head, in accordance with Section 70 of the Act. The judgment emphasized the integral nature of interest income to export business activities and affirmed the Assessee's entitlement to deductions and setoffs as per the law. Case-Laws Income Tax Thu, 20 Aug 2020 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=397675