Notional interest not eligible for deduction u/s 10A: HC

CA Suraj R. Agrawal Claim that notional interest on funds placed by the s. 10A eligible unit with the H.O. is allowable as a deduction to the H.O. and is exempt in the hands of the s. 10A unit is an “unsustainable view” Facts of the case: a. The Assessee is engaged in the business of running printing presses. b. the Assessee’s undertaking at NEPZ Noida (hereafter referred to as the ‘eligible undertaking’) fulfilled the conditions as specified under section 10A(2) of the Act as it stood at the material time and, consequently, was eligible for exemption under Section 10A of the Act f...