2014 (3) TMI 109

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.... Ravindra Bhat (Open Court) 1. The question of law sought to be urged in this case is whether the interpretation given to Section 10A, particularly, sub-section (2) by the Tribunal is correct and justified. 2. The assessee/respondent reported NIL income for the AY 2007- 08 relying upon the approval for setting up Software Technology Parks in India by virtue of a certificate dated 8.12.2006 i....

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....order allowed the assessee's appeal relying upon the previous order of the Chennai Bench, i.e., (Nagesh Chundur v. Assistant Commissioner of Income Tax - ITA 83/Mds/2011 dated 1.6.2011). The Chennai Bench had held as follows: - "From the aforesaid facts, it is clear that section 10A provides for deduction from the total income of profits derived by an undertaking from the export of articles or ....

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....years mentioned in the provision itself in view of the controlling phrase "begins to manufacture or produce such article or thing or computer software during the previous years relevant to the assessment years". Learned counsel also relied upon the second proviso to Section 10 (A) (1). 6. We have considered the submissions. The benefit under Section 10A (1) - as the provision itself declares is....

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....event of conversion of one kind of zone to the other. Therefore, Section 10A (1) cannot be read in the restrictive manner as is being suggested. As far as Section 10A (2) goes, this Court cannot accept the Revenue's submission as that would be giving undue stress and entirely dependent upon the expression "during the previous years relevant to the assessment years" according to Section 10A (2) (i)....