TaxTMI 
TaxTMI 
Finance act no 2 of 2009 has extended the exemption u/s 10 A/10B upto 31.3.2011. What does it mean for the units who have started there manufacturing in SEZ earlier and have already claimed exemtion for 10 consecutive years upto A.Y. 2010-11. Can the unit claim exemption for further year? Is this a loophole in the law ?
SEZ - Exemption u/s 10A / 10B upto 10 years
03 Jun 2010 
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SEZ tax exemption extension limited to unexhausted entitlement periods; overall consecutive entitlement unchanged and not enlarged.
The Finance Act II of 2009 extended the terminal date for claiming the SEZ income-tax exemption to 31 March 2011 only for undertakings that had not yet exhausted their statutory period; the statutory consecutive-year cap was not increased and undertakings that have already availed the full consecutive entitlement cannot claim further deduction. (AI Summary)
The Finance Act II of 2009 extended the terminal date for claiming the SEZ income-tax exemption to 31 March 2011 only for undertakings that had not yet exhausted their statutory period; the statutory consecutive-year cap was not increased and undertakings that have already availed the full consecutive entitlement cannot claim further deduction. (AI Summary)