TaxTMI 
TaxTMI 
TaxTMI 
2014 (6) TMI 991
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.... present Miscellaneous Applications relating to the same assessee were heard together and are being disposed of by this consolidated order for the sake of convenience. 2. The Miscellaneous Application No. 3/Chd/2014 is against ITA No. 553/Chd/2011 and the grievance of the applicant in this Miscellaneous Application was against the issue of profits on sale of incentives received from Ministry of Commerce, Government of India and whether the same were eligible for deduction under section 10B of the Act. The Tribunal had considered scheme titled as Vishesh Krishi Upaj Yojna and held vide para 50 to 58 at page 42 to 47 of the order that the issue is squarely covered by the ratio laid down by the Hon'ble Supreme Court in Liberty India Vs CI....
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....aised the issue of claim of deduction under section 10B of the Act vis-à-vis the profits on sale of incentives received under the scheme Vishesh Krishi Upaj Yojna @ 5% of FOB value of exports, received from Ministry of Commerce, Govt. of India. The Tribunal vide paras 47 to 59 at pages 40 to 48 had considered the plea of the assessee and the scheme under which incentives were received and also the ratio laid down by the Hon'ble Supreme Court in Liberty India V CIT (supra). After holding that the assessee was entitled to claim of deduction under section 10B of the Act on its profits from business, the other issue considered by the Tribunal was whether the incentives received under Vishesh Krishi Upaj Yojna were derived from the un....
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....#39;ble Supreme Court and the scheme being similar as to the scheme considered by the Hon'ble Supreme Court in Liberty India V CIT (supra) and further the scheme considered by the different benches of Tribunal being at variance, no fault can be found with the order of the Tribunal and we find no merit in the present Miscellaneous Application moved by the assessee in this regard and the same is dismissed. 7. The Miscellaneous Application Nos. 4 & 5 filed by the assessee are against the order of the Tribunal in ITA Nos. 1210 and 1211/Chd/2012. The applicant vide the said Miscellaneous Applications is aggrieved by the allowing of deduction under section 10B of the Act @ 90% of the eligible profits as against the claim of deduction at 100%....
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....to 90% in view of the second proviso under section 10B of the Act wherein it is provided that for the assessment year beginning on the first day of April, 2003, the deduction shall be 90% of the profits & gains derived by an enterprises from the export of such articles or things or computer software. The case of the applicant is that the said proviso is relevant only for assessment year 2003-04. However, the Tribunal while deciding the appeals of the applicant relating to assessment years 2006-07 and 2009-10 had vide order dated 03.01.2014 restricted the deduction to 90% of the profits of the respective years. 11. We find that the CBDT has issued the circular No. 8 of 2002 dated 27.08.2002 (supra) and the relevant portion of para 19.4 of t....
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.... 2003, the deduction shall be 90% of the profits and gains derived by an undertaking from the export of such articles or things or computer software. However, the CBDT vide circular No. 8 of 2002 dated 27.08.2012 reported in 258 ITR 13 (St) has vide para 19.4 clarified that the restriction to 90% of the profits and gains as are derived by an undertaking from the export of articles or things or computer software would be restricted to one assessment year i.e. assessment year 2003-04. Since the assessee is in appeal against the said claim of deduction relating to assessment years 2006-07 and 2009-10, we hold that the assessee is entitled to the deduction @ 100% of the profits and gains of the EOU. The claim of the assessee is thus allowed and....