C.I.T & Anr vs M/S Yokogawa India Ltd

The Supreme Court interpreted Section 10A of the Income Tax Act, 1961, determining that it operates as an exemption section rather than a deduction section, and clarified that the income of a Section 10A unit must be excluded from the gross total income of the assessee. The Court held that the phrase 'total income' in Section 10A is akin to that in Section 2(45) of the Act, and addressed the treatment of losses from other units in relation to profits of 10A units. The judgment emphasized the applicability of Section 10A to similar provisions under Section 10B of the Act.