TaxTMI 
TaxTMI 
2018 (11) TMI 441
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....;the Tribunal'). Since the facts and 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 26....
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....has committed a typographical mistake by wrongly quoting nine sets of citations relied upon by the assessee 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....
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....ritsar is deciding the issue on merits of the case. 5. The facts as transformed from the record are that the respondent is a proprietor of 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 A....
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....ished hundred per cent export-oriented undertakings. 10B(I). XX XX XX (2) This section applies to any undertaking which fulfills all the following conditions, namely :- (i) XX XX XX (ia) XX &nb....
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....provisions of the Section, there would be 100% deduction allowable towards profits and gains as are derived by an export oriented undertaking from the export of articles or things. The exemption 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 ....
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....the Tribunal erred in holding that there was no transfer of capital from the existing business and it was not a case of splitting up of the business. 14. Learned counsel for the assessee submitted that the new unit and the partnership firm were producing different products. There was no question of transfer of business. It was argued that the machines imported were received earlier but the agent issued the bills later. 15. Heard learned counsel for the parties. 16. For deciding the issue involved, facts like, the products manufactured by two units are separate; any existing contracts of M/s Dynamech have been transferred to new firm; the new concern has been set up with advance and modern machinery to meet the fresh requirements of....