2015 (9) TMI 1520

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....d CIT (A) has erred in reducing the profit u/s 10A from Rs. 25,60,91,013/- to Rs. 25,35,58,063/-. c) The Ld CIT (A) has erred in not appreciating the facts of the case and not applying the correct ratio of the decisions cited before her. d) the Ld CIT (A) erred in confirming the disallowance of exemption under section 10A in respect of interest of Rs. 25,35,358/- earned on FDs kept with the bank by way of margin for the purpose of the appellant's business. e) the Ld CIT (A) was not justified in treating the interest received of Rs. 25,35,358/- in course of carrying of its business cannot be considered as income from other sources and has to be set off against interest paid." 3. Briefly stated relevant facts of the case are that the a....

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....418/M/2010 (AY 2007-2008) and ITA No. 6312/M/2011 (AY 2008-2009) and others dated 31.1.2014, Ld Counsel for the assessee mentioned that the said decision is relevant for the proposition that, under the identical factual matrix, the receipts were treated as 'business receipts' and declared as eligible for deduction u/s 80IA of the Act. In this regard, he brought our attention to the relevant paras 14 to 16 of the said Tribunal's order (supra). Further, bringing our attention to other decisions of the Tribunal, Ld Counsel for the assessee mentioned that they relate to prior to the amendment to section 10A(4) of the Act. He also relied on the Judgment of the Apex Court in the case of CIT vs. Karnal Cooperative Sugar Mills Ltd 243 ITR 2 (SC) an....