2012 (6) TMI 835

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....l Kishore For the Respondent: Shri M.V. Joshi O R D E R PER CHANDRA POOJARI, AM: This appeal by the Revenue is directed against the order of the CIT(A)-IV, Hyderabad 27.12.2011. 2. The Revenue raised the following effective ground: "The learned CIT(A) ought to have considered that allowing exemption u/s. 10A on the disallowable payments are nothing but ignoring the relevant provi....

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.... the assessee by the order of the Special Bench dated 29th March, 2012 in the case of Merilyn Shipping & Transports (Visakhapatnam) in ITA No. 477/Viz/2008. Being so, there cannot be any disallowance on this count. Even if there is any disallowance, it should be considered as income from business only and is to be considered for the deduction u/s. 10A of the IT Act. Our view is fortified by the....