Held that exemption under section 10A should be computed by excluding telecommunication charges both from export turnover and total turnover. Interest income earned on temporary parking of surplus funds with banks would be entitled to 100 per cent exemption under section 10A. loss incurred in one eligible unit not required to be set off against profits of other eligible units for purpose of computing exemption under section 10A in respect of profit earning units. (AY. 2006-07)
Oracle Finance Services Software Ltd. v. ACIT (2023) 202 ITD 266 (Mum)(Trib.)
S. 10A : Free trade zone-Exemption should be computed by excluding telecommunication charges both from export turnover and total turnover-Interest income earned on temporary parking of surplus funds with banks would be entitled to 100 per cent exemption under section 10A-Loss incurred in one eligible unit not required to be set off against profits of other eligible units for purpose of computing exemption under section 10A in respect of profit earning units.