2018 (2) TMI 1811

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....Appellant : Sh. Sandeep. S. Karhail and Ms. Sherry Goyal, Advocates, Sh. Zoheb Hossain, Sr. Standing Counsel and Sh. Deepak Anand, Jr. Standing Counsel, for Revenue, Sh. Mayank Nagi and Sh. Tarun Singh, Advocates, Sh. Sandeep. S. Karhail and Ms. Sherry Goyal, Advocates, Sh. Sanjay Kumar, Jr. Standing Counsel, Sh. Ruchir Bhatia, Sr. Standing Counsel And Sh. Raghvendra Singh, Advocate ORDER IT....

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....Officer (AO) ruled that the interest income so reported was not entitled to deduction under Section 10A of the 1961 Act. CIT(A) confirmed this view. The ITAT, however, reversed it. The question as to whether incomes such as the one set to be taxed, i.e. interest earned from the fixed deposits which in turn constituted the foreign export business income, are entitled to deduction under Section 10A ....

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....to be underscored, therefore, is that Section 80A, and the other provisions in Chapter VIA, are independent of Sections 10A and 10B of the Act. It appears that the object of Section 80A (4) was to ensure that a unit which has availed of the benefit under Section 10B will not be allowed to further claim relief under Section 80IA or 80IB read with Section 80A (4). The intention does not appear to be....