Dismissing the appeal of the revenue the Court held that in view of substitution of sub-section (4) of section 10B by Finance Act, 2001, with effect from 1-4-2001, assessee was entitled to claim exemption on interest income earned from inter-corporate loans and deposits lying in EEFC account. Followed CIT v. Motorola India Electronics (P.) Ltd (2014) 265 Taxman 11/ 265 CTR 94 (Karn.)(HC).
PCIT v. Rajesh Exports Ltd. (2020) 114 taxmann.com 93 (Karn.) (HC) Editorial : SLP is granted to the revenue, PCIT v. Rajesh Exports Ltd. (2020) 270 Taxman 172 (SC)
S. 10B : Export oriented undertakings-Entitled to claim exemption on interest income earned from inter-corporate loans and deposits lying in EEFC account.