2015 (3) TMI 220

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....ding to the filing of the present appeal are that the assessee, a company engaged in the business of software development and rendering IT and IT enabled services, filed its return of income for the assessment year 2009-10 on 29.09.2009, admitting an income of Rs. 1,44,740, after claiming exemption under S.10B of the Act, amounting to Rs. 63,65,260. Assessee was registered with STPI, Hyderabad and had claimed a deduction under S.10-B of the Act on an income of Rs. 63,65,260. Assessee had been permitted to set up the STP Unit by the Director, STPI, Hyderabad However, it had not obtained the approval of the Board/Ratification by Inter Ministerial Standing Committee, appointed by the Ministry of Industry, Department of Industrial Development a....

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....ing Committee appointed by the Ministry of Industry, Department of Industrial Development as envisaged in clause (iv) to Explanation 2 to S.10B of the Act. It was the contention of the assessee that corresponding claim having been accepted in the preceding years, there is no justification for the disallowance in the year under appeal. Observing that principle of res judicata does not apply to the proceedings under Income-tax Act, in which each year is an independent unit of assessment, the CIT(A) sustained the disallowance made by the Assessing Officer. In the absence of anything to the contrary brought on record by the assessee, we do not find any justification to interfere with the orders of the Revenue authorities on this aspect. 7. As ....