The Tax Publishers2020 TaxPub(DT) 5054 (Karn-HC)

INCOME TAX ACT, 1961

Section 10A

Maintenance of separate accounts for STP units and non STP units is only directory and not mandatory in accordance with RBI conditions, Government Notification and Income Tax Act while claiming exemption under section 10A.

Deduction under section 10A - Undertaking in free-trade zone - Whether maintenance of separate accounts for STP units and non-STP units only directory, and not mandatory -

Revenue filed appeal against the order of Tribunal which held that maintenance of separate accounts for STP units and non STP units is only directory and not mandatory in accordance with RBI conditions, Government Notification and IT Act while claiming exemption under section 10A. Held: Issue was decided in favour of assessee relying on assessee's own case CIT v. IBM Global Services India Pvt. Ltd. 2020 TaxPub(DT) 4726 (Karn-HC).

b>Followed:CIT v. IBM Global Services India Pvt. Ltd. 2020 TaxPub(DT) 4726 (Karn-HC).

REFERRED :

FAVOUR : In favour of assessee.

A.Y. : 2002-03

INCOME TAX ACT, 1961

Section 10A

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