2018 (11) TMI 441

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....the issues in the above said appeals are similar, hence, these are being disposed of by a common order. 2. The details of the assessment year and ITA numbers have been tabulated below :- High Court ITA number Tribunal ITA number Assessment year ITA No.272 of 2015 ITA No.345 (ASR) 2009 dated 05.03.2015 2006-07 ITA No.283 of 2015 ITA No.410 (ASR) 2010 dated 05.03.2015 2007-08 ITA No.294 of 2015 ITA No.238 (ASR) 2011 dated 05.03.2015 2008-09 ITA No.257 of 2015 ITA No.284 (ASR) 2012 dated 05.03.2015 2009-10 3. For the sake of convenience, the facts are being narrated from ITA No.272 of 2015. 4. The revenue has filed the present appeal under Section 260-A of the Income Tax Act, 1961 (for brevity, 'the Act') against th....

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....ssee without appreciating that the order nine sets of citations had duly been considered by the Bench in its order in ITA No. 345/ASR/2009 and thus the mistake was too obvious and it was enjoined upon the ITAT to rectify the same with a view to doing away the prejudice thus caused to the interests of the revenue as per the mandate of the Hon'ble Supreme Court in Honda Siel Power Products Ltd. CIT (Supra). (v) Whether the Tribunal has not erred in holding in the last paragraph of page 8 that the order set of nine judgments relied on by the assessee during the appeal proceedings had not been considered whereas the operative part of the order clearly shows that all the judgments were duly considered except one in the case of 138 ITR 338 ....

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....f M/s Prajna (India) Ltd., Jalandhar and was engaged in the business of manufacture and export of machine parts. The concern is 100% export oriented undertaking. The assessee was carrying business at Noida in special economic zone. During the assessment year 2006-07, the assessee filed income tax return declaring income of Rs. 1,07,060/-. The case was taken up in scrutiny. The Assessing Officer noticed that the appellant was engaged in manufacture and export of machine parts to M/s Mitsubishi Corporation, Japan and has claimed exemption of its entire profits of Rs. 24,59,300/- under Section 10B of the Act. The appellant before starting M/s. Prajna (India) Ltd. (hereinafter referred as 'new concern') had a partnership firm by the nam....

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....ditions, namely :- (i) XX                                      XX                                           XX (ia) XX                                    XX      &n....

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....tion would be for a period of ten years consecutively starting from the assessment year relevant to the previous year in which the manufacturing activity begins. Sub Section (2) to Section 10B lays down the conditions which the undertaking has to fulfill for claiming exemption under Section 10B(1) of the Act. 10. The Assessing Officer while disallowing the deduction was swayed by the facts that both the concerns were supplying material to one purchaser i.e. Mitsubishi Corporation, Japan; the assessee Rohit Tandon was proprietor of the new concern and partner in M/s Dynamech. The turnover of M/s Dynamech had started falling after establishment of the new concern. The source of capital of the new concern was a gift received from the wife of ....