https://www.taxtmi.com/caselaws?id=402575 The High Court dismissed the Revenue's appeal on the eligibility of manufacturing and trading activities for exemption under Section 10AA, citing the blending of oils as manufacturing. It also rejected the argument that the SEZ Act overrides the Income Tax Act. However, the Court admitted the appeal on deductions related to currency fluctuation, interest income, and the increase in deduction due to the assessee's claim of loss, recognizing them as substantial questions of law for further examination. The Court upheld the deletion of disallowance under Section 36(1)(ii) based on sufficient interest-free funds. en-us Tue, 29 Sep 2020 00:00:00 +0530 Tue, 05 Jan 2021 15:06:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=402575 The High Court dismissed the Revenue's appeal on the eligibility of manufacturing and trading activities for exemption under Section 10AA, citing the blending of oils as manufacturing. It also rejected the argument that the SEZ Act overrides the Income Tax Act. However, the Court admitted the appeal on deductions related to currency fluctuation, interest income, and the increase in deduction due to the assessee's claim of loss, recognizing them as substantial questions of law for further examination. The Court upheld the deletion of disallowance under Section 36(1)(ii) based on sufficient interest-free funds. Case-Laws Income Tax Tue, 29 Sep 2020 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=402575