2019 (4) TMI 1392

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....led by the Revenue to challenge the judgment of the Income Tax Appellate Tribunal, Mumbai ("the Tribunal" for short). 2. Following question is presented for our consideration:- "Whether on the facts and circumstances of the case and in law, the Tribunal was right in allowing deduction u/S. 10A of the I.T. Act, 1961 ignoring the fact that Section 10A(2)(iii) clearly states that the unde....

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....that the AO has denied the exemption on the ground that undertaking has been formed by transfer of 'undertaking' from M/s Cream Jewellery Pvt Ltd to the assessee firm, vide, 'Deed of Transfer' dated 26.11.2006, therefore, a new undertaking with new business has come into existence and therefore, assessee was not eligible for claim of deduction u/s 10A. As culled out from the records Ld. CIT(A) has....

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....High Court in the case of CIT vs Heartland KG Information Ltd (supra). Thus, in view of the legal proposition as upheld by the jurisdictional High Court, the observation and finding of the CIT(A) is hereby affirmed and grounds raised by the revenue are dismissed." 4. From the record, it can be said that the Revenue's objection emerges from the fact that the unit in question was transferred as g....