https://www.taxtmi.com/caselaws?id=209588 Section 10B, as it stood before the Finance Act, 1994 amendment, granted exemption to a hundred per cent export-oriented undertaking approved by the prescribed authority without requiring that 75 per cent of turnover be exported. The later amendment and Circular No. 684 imposed the commencement and export-percentage conditions prospectively from 1 April 1994, so earlier units were not covered by the new restriction. On that construction, an undertaking that began production before 1 April 1994 remained eligible for exemption despite exports below 75 per cent of turnover, and the disallowance by the Assessing Officer was unsustainable. en-us Tue, 25 Jan 2011 00:00:00 +0530 Sat, 13 Jul 2013 12:10:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=209588 Section 10B, as it stood before the Finance Act, 1994 amendment, granted exemption to a hundred per cent export-oriented undertaking approved by the prescribed authority without requiring that 75 per cent of turnover be exported. The later amendment and Circular No. 684 imposed the commencement and export-percentage conditions prospectively from 1 April 1994, so earlier units were not covered by the new restriction. On that construction, an undertaking that began production before 1 April 1994 remained eligible for exemption despite exports below 75 per cent of turnover, and the disallowance by the Assessing Officer was unsustainable. Case-Laws Income Tax Tue, 25 Jan 2011 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=209588