EXCELRA KNOWLEDGE SOLUTIONS PRIVATE LIMITED,HYDERABAD vs. DCIT, CIRCLE-8(1), HYDERABAD

ITA 202/HYD/2023Status: DisposedITAT Hyderabad23 January 2025AY 2020-21Bench: Shri Vijay Pal Rao, Vice-President A N D Shri Madhusudan Sawdia (Accountant Member)19 pages
AI SummaryPartly Allowed

What did the Tribunal hold?

The Tribunal admitted additional grounds raised by the assessee. It remanded the issues of book profit computation and leave encashment deduction to the Assessing Officer for fresh adjudication. The issue of double addition on interest income was also remanded for verification.

What were the facts?

The assessee, Excelra Knowledge Solutions P Ltd, appealed against the CIT(A)'s order for AY 2020-21. The appeal involved issues concerning the taxation of interest income, disallowance of expenditure under Section 43B, and computation of book profit under Section 115JB.

What were the issues?

Whether interest income earned by an SEZ unit on surplus funds is eligible for deduction under Section 10AA, and whether the computation of book profit and leave encashment deduction were correctly handled.

Which sections of the Income-tax Act were involved?

Section 10AA,Section 43B,Section 115JB,Section 143(1)

AI-generated summary — verify with the full judgment below

Cases cited in this judgment(9)Show list

Detected automatically from the text. Citations are also linked where they appear in the judgment. The count shows how many other judgments on BharatTax rely on the same authority.

Income Tax Appellate Tribunal, Hyderabad ‘ B ‘ Bench, Hyderabad

Before: Shri Vijay Pal Rao, Vice-Shri Madhusudan Sawdia

Hearing: 25/11/2024

Per Vijay Pal Rao, Vice President This appeal filed by the assessee is directed against the order dated10/02/2023 of the learned CIT (A)-NFAC Delhi, relating to A.Y.2020-21. 2. The assessee has raised the following grounds:

3.

The assessee has also raised the following additional grounds:

“1. Ld A.O/Ld CIT(A), NEAC erred in taxing the interest Income of Rs. 4,40,41,931 under income from other sources and Income

The order continues below.

Read the full judgment

A free account opens 10 full judgments a month. Re-reading one you have already opened does not count again.

Create a free accountSign in

See plans and prices

The summary, the parties, the sections and the citations above are open to everyone and always will be. Only the text of the order and the PDF are metered.

More judgments on Section 10AA

All 857 judgments and leading authorities on Section 10AA →

Recent GST High Court judgments

Search GST case law →