2016 (11) TMI 952

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....iragra ORDER Joginder Singh (Judicial Member) 1. The Revenue is aggrieved by the impugned order dated February 16, 2015 of the learned Commissioner of Income-tax, Mumbai. The first ground agitated by the Revenue, before this Tribunal, is with respect to holding that the assessee is eligible for deduction under section 10AA of the Income-tax Act, 1961 (hereinafter the Act). 2. During he....

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....d March 9, 2013 made submissions claiming that the assessee is a trading concern and engaged in trading service of import and export of FMFL and cigarettes from the SEZ and therefore eligible for deduction under section 10AA. The assessee placed reliance on section 51(1) of the SEZ Act read with rule 76 of SEZ Rules, 2006, wherein the "services" has been defined to include trading. However, the le....

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....ade to the total income, conclusion drawn in the impugned order, material available on record, assertions made by the learned respective counsel, if kept in juxtaposition and analysed, we find the claimed deduction under section 10AA of the Act was started in 2007 for which approval was granted by CSEZ Development Commissioner, permitting the assessee to establish the unit at SEZ to undertake its ....

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....t controverted by the Revenue. Original bill of lading, bill of entry were also examined. The purchases were made on the high seas and not in India. There is not a single instance where the local purchases were made within India. We find that the ratio laid down in the cases like Gitanjali Exports Corporation Ltd. v. Addl. CIT, Midas DFS Pvt. Ltd. and Goenka Diamond and Jewellers Ltd. (supra), sup....