2015 (11) TMI 59

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

.....2011 for assessment year 2009-10. 2. At the time of hearing Ld. DR drew our attention that the appeal is barred by 5 days and he prayed for condonation of delay and Ld. AR of the DCIT Cir-8, Kol. v. M/s Natural Products Export Corpn, Ltd. Page 2 assessee conceded that he has no objection if the delay is condoned. Hence, we condone the delay of appeal and proceed to hearing the appeal. 3. The first issue raised by the Revenue in this appeal is that the Ld. CIT(A) has erred in allowing the deduction under section 10B of the Act for the assessment year 2009-10 whereas the assessment year 2008-09 was the last eligible assessment year of the ten consecutive assessments years for the claim of deduction under section 10B. 4. Briefly stated fac....

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....1-03-2000 and the production in the new unit located in Madras Export Processing Zone (MEPZ for short) is shown to have started in the financial year 2000-01 relevant to the assessment year 2001- 02.Aggrieved Revenue is in appeal before the Tribunal on the following ground of appeal:- "1. That, in the facts and in circumstances of the case and in law, the Ld. CIT(A) has erred in holding that the assessee company was eligible for deduction u/s. 10B of It Act, 1961, for this assessment year 2009-10, whereas, eligibility for deduction for ten consecutive assessment years ended with AY 2008-09 and therefore, allowance of deduction to the assessee company for A.Y 2009-10 was in contravention of the provisions of section in 10B of the IT Act, 1....

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....56G which is certificate issued by the Chartered Accountant for claiming the deduction under section 10B of the Act. There was a letter issued by the Ministry of Industry, Government of India in the year 1997 for registering the assessee with Secretariat for Industrial Assistance(SIA for short) for availing these facilities and privileges admissible under the 100% export oriented scheme, probably, that date has been recorded by the Chartered Accountant as the year of production. However, the date of registration as SIA and the date of commencement of the commercial production for the deduction u/s 10B of the Act are two different things and has no nexus of whatsoever. So on this basis we conclude that the year of production is 2000-01 as pe....

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....he AO could not ascertain the actual expenditure incurred from the books of account. More so, I have already held that the income of the MEPZ Unit at Chennai is exempt under section 10B of the Income-tax Act. In this background, there is no warrant for any disallowance under sec. 14A of the Act. Therefore, the disallowance as made by the Assessing Officer is hereby deleted." 8. Aggrieved Revenue is in appeal before us on the following ground of appeal. "2. That on the facts and circumstances of the case and in law, the Ld. CIT(A) erred in allowing relief to the assessee u/s. 14A of the IT Act whereas AO was correct in computing disallowance u/s. 14A of IT Act, 1961." 9. We have heard the rival parties and perused the materials available....