https://www.taxtmi.com/caselaws?id=444238 The Tribunal upheld the CIT(A)'s decision, granting the assessee the exemption under section 10AA of the Income-tax Act. It included interest income from fixed deposits and income from the sale of gold dust in the computation of eligible profits. The Tribunal emphasized that once eligibility for the deduction is established, it cannot be withdrawn in subsequent years for conditions that should have been assessed initially. The decision relied on previous Tribunal rulings and a Karnataka HC decision, affirming that these incomes are part of the profits and gains of an eligible undertaking. en-us Mon, 09 Oct 2023 00:00:00 +0530 Wed, 11 Oct 2023 13:02:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=444238 The Tribunal upheld the CIT(A)'s decision, granting the assessee the exemption under section 10AA of the Income-tax Act. It included interest income from fixed deposits and income from the sale of gold dust in the computation of eligible profits. The Tribunal emphasized that once eligibility for the deduction is established, it cannot be withdrawn in subsequent years for conditions that should have been assessed initially. The decision relied on previous Tribunal rulings and a Karnataka HC decision, affirming that these incomes are part of the profits and gains of an eligible undertaking. Case-Laws Income Tax Mon, 09 Oct 2023 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=444238