Held that the assessee had placed the surplus funds in fixed deposits and earned interest therefrom. The interest income earned by the assessee was eligible for deduction under section 10AA.Followed-CIT v. Hewlett Packard Global soft ltd (2018) 403 ITR 453 (Karn)(HC) (AY. 2013-14)
Jardine Lloyd Thompson P. Ltd. v ACIT (2023)104 ITR 30 (SN.)(Mum) (Trib)
S. 10AA : Special Economic Zones-Surplus funds-Interest on fixed deposit-Eligible profits-Interest earned is eligible for deduction.