Exemption of Interest from Surplus Funds in Bank FDs allowable u/s 10AA of Income Tax Act for Exporters in SEZ: Karnataka HC [Read Order]

The Karnataka High Court aligned with the Decision of the Income Tax Appellate Tribunal in preceding Appeal, granting relief to the Assessee
Income Tax - Income Tax Act - Karnataka High Court - SEZ Exports - TAXSCAN

The Karnataka High Court in a recent decision permitted the Tax Exemptions availed by an Assessee on Surplus Funds parked in Fixed Deposits ( FDs ) of banks as per the stipulations of Section 10AA of the Income Tax Act, 1961. The exemptions were sought to be utilized by the Assessee company, Allstate India Private…

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