TaxTMI 
TaxTMI 
2009 (11) TMI 949
X X X X Extracts X X X X
X X X X Extracts X X X X
....rt of Computer Software. In the assessment year under appeal, it earned income from the said business at Rs. 11,75,166/-, which was claimed for exemption under section 10A of the Income Tax Act, 1961. The A.O. did not allow the exemption claimed by the assessee under section 10A of the Act on account of the following reasons :- (1) The appellant's original name for the previous year was Frostwaves P. Ltd., which was approved by Software Technology Parks - India whereas Tor the assessment year under consideration there is a change in the name which is under name and style of Prodigy Infosoft P. Ltd. (2) The appellant company has not fulfilled the required conditions of import of Rs, 10 lacs and purchase of indigenous go....
X X X X Extracts X X X X
X X X X Extracts X X X X
....any has earned foreign exchange through banking channel by way of exporting computer software. It was also submitted that exemption claimed by the assessee company was also denied. In the previous assessment year when the name of assessee-company was Frostwaves P. Ltd., which is now changed as Prodigy Infosoft Pvt. Ltd. With regard to the change of name, necessary procedure with the Registrar of Companies was followed. It was also submitted that the A.O. denied the exemption based on several filmsy grounds, which is mentioned in the assessment order. Before the Learned Commissioner of Income Tax(Appeals), the assessee also filed the written submissions which is re-produced by the Learned Commissioner of Income Tax(Appeals) in the impugned o....
X X X X Extracts X X X X
X X X X Extracts X X X X
....uine activities of the company of exports of softwares. In this connection, your appellant would like to submit the lowing evidences / documents : - (a) Application by Frostwaves Pvt Ltd. (The erstwhile company) dated 07-03-2000 with Software Technology Park, Gandhinagar, which is an autonomous society under Ministry of Information and Technology, Govt. of India (Pago 24 to 34). (b) Approval by Software Technology Park - Govt of India dated 27-03-2003 (page 35 to 43). (c) Approval by Registrar of Companies, Gujarat for change of name of the company from Frostwaves Pvt. Ltd. to Prodigy Infosoft Pvt. Ltd. Also permission accorded by STPI for change of name (page 44 to 45A). (d) Asstt Order for A.V. 2001-02 allowing claim u/s.10A d....
X X X X Extracts X X X X
X X X X Extracts X X X X
....ssioner of Income Tax(Appeals), it was also contended that the A.O. had not questioned the same nor found any adverse fact which might have gone against the genuine activities of the assessee-company. The claim has been rejected only on the basis of assumptions and inferential presumptions and with prejudicial mind. All the transactions of sales are duly recorded in the books of accounts as well as proved to be genuine by complying with all the laid down proceedings with various government authorities. It was also submitted that for the assessment year 2001-02, the assessment was framed under section 143(3)(i) of the Income Tax Act on 28.02.2003, wherein on going through the various details and other evidences furnished, it was held that th....
X X X X Extracts X X X X
X X X X Extracts X X X X
....payments against the exports are received by the appellant .through banking channel. It is not the case that the appellant has not manufactured software products and not exported the same, ft is also seen that the appellant has earned foreign exchange. Therefore, various reasons given by the assessing officer could not justify the denial of the exemption. 3.2.1. It is seen that similar exemption u/s, I0A has already been granted by the assessing officer in the appellant's own case for the A.Y. 2001-02 vide his order u/s- .143(3) dated 28-02-2003. The only variation tor the assessment year under consideration is with regard to the change of the name which has lone in accordance to the procedure laid down by the Registrar of Companies.....
X X X X Extracts X X X X
X X X X Extracts X X X X
.... that all these documents were produced before the lower authorities. The ld. counsel of the assessee drew our attention to the certification of Softex Form No. AC 000830 of M/s. Prodigy Infosoft Pvt. Ltd., Ahmedabad by Software Technology Parks of India, Gandhinagar, Gujarat vide letter dated 26.07.2001 addressed to the Joint Controller, ECD, RBI, Ahmedabad certifying the various documents including description sheet of software for export. The ld. counsel of the assessee submitted that in respect of each and every item of exports, such type of certificate is available in the paper book. Change of name of the assessee-company is duly approved by the Registrar of Companies. Exemption under section 10A in the immediately preceding assessment....