Is deduction u/s 10A of the Income Tax Act given to the “profits and gains derived by an undertaking”?

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Last updated: 22 July 2021
Quick Summary
This Income Tax Appellate Tribunal ruling addresses whether deductions under Section 10A of the Income Tax Act are applicable to "profits and gains derived by an undertaking". The case involves Ocwen Financial Solutions Pvt. Ltd., which provides IT-enabled services (ITES) to its associated enterprises. The tribunal considered the tax treatment of interest income earned from bank deposits used for bank guarantees, remitting the issue back to the Assessing Officer for further determination.

Court :
ITAT Bangalore

Brief :
The assessee has filed these appeals relating to AY 2010-11 and 2012-13. The appeal filed for AY 2010-11 is directed against the order dated 30-08-2019 passed by Ld CIT(A)_10, Bengaluru. The appeal filed for AY 2012-13 is directed against the assessment order dated 23-11-2016 passed by the assessing officer u/s 143(3) r.w.s 144C(13) in pursuance of directions given by Ld Dispute Resolution Panel (DRP). 

Citation :
ITA No.2292/Bang/2019

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1 Year PLAN
1999
(Excl. of GST ₹359)

2 Years PLAN
3499
(Excl. of GST ₹629)

BEST VALUE
3 Years PLAN
4999
(Excl. of GST ₹899)

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