2023 (1) TMI 224

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..... K.V. Aravind, learned Senior Standing Counsel for the Revenue submitted that though five questions out of six raised by the Revenue have been admitted, this Court may consider all six questions in ITA No.348/2018, which will cover all the questions of law raised in ITA No.349/2018. They read as follows: 1. Whether on the facts and in the circumstances of the case and in law, the Tribunal is right in allowing claim of assessee that income derived from rental income from Infosys BPO Ltd and BSNL Chennai Ltd as profits derived under Section 10A of the Income Tax Act, 1961? 2. Whether on the facts and in the circumstances of the case and in law, the Tribunal is right in allowing claim for foreign tax credit under Section 90 of the Act in ....

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.... by the decision in Commissioner of Income-tax, Central-III Vs. HCL Technologies Ltd. [2018] 93 taxmann.com 33 (SC) Question No.5 is covered by the decision in Commissioner of Income-tax Vs. M/s. M. Pact Technology Services Pvt. Ltd. ITA No.228/2013 decided on 11.07.2018. Thus, the only question which remains for consideration is question No.1. 4. Shri. Aravind does not dispute the submission of Shri. Suryanarayana. Thus, the following question remains for consideration in these two appeals: 1. Whether on the facts and in the circumstances of the case and in law, the Tribunal is right in allowing claim form assessee that income derived from rental income from Infosys BPO Ltd and BSNL Chennai Ltd as profits derived under Section 10A of th....

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....ion, he placed reliance on Commissioner of Income-tax-VII, New Delhi Vs. Punjab Stainless Steel Industries [2014] 46 taxmann.com 68 (SC) and Commissioner of Income-tax Vs. Sasken Communication Technologies Ltd. [2014] 50 taxmann.com 134 (Karnataka). 7. Shri. Suryanarayana, opposing the appeal, relied upon the full Bench decision of this Court in Commissioner of Income-tax Vs. Hewlett Packard Global Soft Ltd. [2017] 87 taxmann.com 182 (Karnataka) (FB), and submitted that once a unit is situated in an STPI, it becomes eligible under Section 10A of the IT Act. In the case of Hewlett Packard, full Bench of this Court has held that the interest amount received by the assessee therein towards the money parked in the Bank and the loans advanced t....