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ITAT allowed the assessee's appeal, directing the Assessing Officer (AO) to recalculate the exemption under Section 10AA by appropriately adjusting both sales and corresponding costs from SEZ unit transactions. The tribunal found that while the AO removed sales to other SEZ units, he failed to proportionately reduce the associated cost of sales. The ruling mandates a comprehensive review of the exemption calculation, ensuring that both revenue and expenditure are accurately proportioned, thereby potentially increasing the allowable exemption for the assessee.
ITAT allowed the assessee's appeal, directing the Assessing Officer (AO) to recalculate the exemption under Section 10AA by appropriately adjusting both sales and corresponding costs from SEZ unit transactions. The tribunal found that while the AO removed sales to other SEZ units, he failed to proportionately reduce the associated cost of sales. The ruling mandates a comprehensive review of the exemption calculation, ensuring that both revenue and expenditure are accurately proportioned, thereby potentially increasing the allowable exemption for the assessee.
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