2019 (3) TMI 59

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...., FOR INCOME TAX For The Respondent : ADVS. SRI. P. GOPINATH (SR. ) , RI. JOSON MANAVALAN, SRI. K. JOHN MATHAI, SRI. KURYAN THOMAS, SRI. M. GOPIKRISHNAN NAMBIAR AND SRI. PAULOSE C. ABRAHAM JUDGMENT Ashok Menon, J. Appeal by the Revenue aggrieved with the concurrent finding of the Commissioner of Income Tax (Appeals), and the Income Tax Appellate Tribunal, Cochin Bench favouring the ass....

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.... Assessing Officer (for brevity "AO") disallowed the claim of the assessee under Section 10A and granted deduction of Rs. 13,67,801/- under Section 80HHC and calculated the taxable income at Rs. 36,96,962/- vide Annexure A. 3. The appeal filed by the assessee before the Commissioner of Income Tax (Appeals) was allowed vide Annexure B, granting exemption under Section 10A. The Revenue challenged....

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.... 1990-91 and since the assessee has already availed the exemption for five years, amendment to Section 10A which came into effect on 01.04.1999 extending the period of five years to ten years, is not available to the assessee. The finding of the AO and the argument of the learned Senior Counsel for the Revenue is that the amendment has no retrospective effect and being prospective, the assessee in....

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....ght yeas to a period of ten years with effect from 01.04.1999. The Karnataka High Court held that the object with which this amendment was introduced, was to extend the benefit for a period of ten consecutive years from the date of commencement of manufacture or production. Only if the assessee has already availed the benefit under the unamended provision and ten consecutive years would fall prior....