2013 (5) TMI 783

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....re dismissed as not pressed. 3. The only ground that remains for our consideration is in respect of the deduction claimed under section 10B of the Income-tax Act, 1961 ("the Act" for short). The facts in brief are that the assessee is engaged in the manufacture and export of granite monuments and slabs. The assessee filed a return of income for the year under consideration by showing unabsorbed depreciation of Rs. 1,68,11,901 and Rs. 2,01,03,462 under section 115JB of the Act. The return was processed under section 143(1) of the Act. Thereafter the assessment was completed under section 143(3) of the Act on March 30, 2007. Subsequently, a notice under section 148 was issued and thereafter the assessment was completed. During the course o....

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....rpose of arriving at the export turnover, even if the products are exported and the realisation has been made in foreign exchange. Accordingly, the income claimed to be exempted in unit II has to be restricted only to the export of manufacturing of granite slabs. 5. The assessee carried the matter before the Commissioner of Income-tax (Appeals). Before the Commissioner of Income-tax (Appeals) the learned counsel for the assessee relied on the decision of the Tribunal in the case of T. Two International P. Ltd. v. ITO [2010] 3 ITR (Trib) 353 (Mumbai) and submitted that the section 10A and section 10B are similar and the Mumbai Bench of the Tribunal in the above case has held that trading receipts are also eligible for deduction under sect....

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....rading receipts are eligible for deduction under section 10B of the Act. 8. On the other hand, the learned Departmental representative submitted that sections 10A and 10B are different. Section 10B is with reference to 100 per cent. export oriented undertaking whereas section 10A related to Special Economic Zone and submitted that trading receipts are not eligible for deduction under section 10B of the Act. 9. We have heard both sides, perused the records and gone through the orders of the authorities below. The assessee is a manufacturer and exporter of granite monumental slabs. These facts are not disputed by the Revenue. During the course of the assessment proceedings, the Assessing Officer noticed that the assessee-company has pur....