2019 (4) TMI 551

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....nds of appeal: i) "Whether on the facts, and in the circumstances of the case and in law, the Ld. CIT-(A) erred in allowing the assessee's claim of deduction u/s 10AA on interest on FOR of Rs. 79,69,006/- and Sundry balance written back of Rs. 11,15,904/- without appreciating the fact that the provision of section 10AA which states that --- "a deduction of hundred per cent of profits and gains as are derived from the export of articles or things------" (emphasis supplied). A plain reading of this provision makes clear that the gain or loss has to be exclusively related or derived from business activity of export?" ii) "Whether on the facts, and in the circumstances of the case and in law, the Ld. CIT-(A) erred in allow....

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.... 10AA. We have noted that similar ground of appeal was raised by revenue in appeal for Assessment Year 2010-11 and the co-ordinate bench of the Tribunal in ITA No. 101/Mum/2016 dated 05.01.2018 passed the following order: 3.2. Before us, the DR supported the order of AO and the AR relied upon the order of the FAA.We have heard the rival submissions and perused the material before us. We find that that the FAA has given a finding of fact that sundry credit balance written back represented the sundry creditors related to the export business of the assessee and that the said expenses were considered as part of export business. There is nothing on record to prove that the order of the FAA is factually incorrect. Similarly, it is found ....

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.... regard to the interest income has already been decided by the Tribunal in assessee's favour in the A.Y. 2010-11 vide order dated 05/01/2018." 7. Considering the consistent view taken by the co-ordinate bench of Tribunal, we find that the ground of appeal raised by the revenue is covered in favour of the assessee. Even otherwise, the ld. CIT(A) followed the decision of Assessment Year 2011-12. Hence, ground no.1 of the appeal is dismissed. 8. Ground No.2 relates to deleting the disallowance under section 40a(ia) on account of ESIC & PF contribution paid beyond due date. We have noted that this ground of appeal is also covered in favour of assessee by the decision of Tribunal in assessee's own case, wherein similar ground of appeal was....