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| The Tax Publishers2019 TaxPub(DT) 7422 (Ind-Trib) INCOME TAX ACT, 1961
Section 10AA
As evident alleged gain was on account of proceeds received from revenue operations carried out by assessee in Special Economic Zone units running at Hyderabad and Pune, therefore, same was eligible for exemption under section 10AA.
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Deduction under section 10AA - Allowability - Foreign exchange fluctuation gain from revenue operations carried out at SEZ units -
Assessee claimed deduction under section 10AA as regards foreign exchange fluctuation gain AO treated it as 'Income from other source' not eligible for exemption under section 10AA as not directly related to business of assessee.Held: As evident alleged gain was on account of proceeds received from. Revenue operations carried out by assessee in Special Economic Zone units running at Hyderabad and Pune, therefore, same was eligible for exemption under section 10AA.
Applied:Sutlej Cotton Mills Ltd. v. CIT (1979) 116 ITR 1 (SC) : 1979 TaxPub(DT) 782 (SC).
REFERRED :
FAVOUR : In assessee's favour.
A.Y. : 2014-15
INCOME TAX ACT, 1961
Section 10AA
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