TaxTMI 
TaxTMI 
2020 (5) TMI 238
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....imilarly, I.T.A.No.193/2014 pertains to assessment year 2007-08 and I.T.A.No.108/2013 pertains to assessment year 2008-09, whereas I.T.A.No.504/2013 relates to assessment year 2009-10. I.T.A.No.29/2011 was admitted by a bench of this court vide order dated 11.07.2011 on the following substantial questions of law: (i) Whether the Tribunal was justified in law in holding that the exports made through third parties and inter unit transfers are not entitled for deduction under Section 10B of the Act on the facts and circumstances of the case and consequently gave a perverse finding? (ii) Whether the authorities below are justified in law in not appreciating the sales made to their parties as well other export oriented units are deemed exports under EXIM policy and should also be treated as export under Section 10B of the Act on the facts and circumstances of the case? (iii) Whether the authorities below are justified in law in charging interest under Section 234B and 234C of the Act on the facts and circumstance of the case? 2. Since, in all the appeals common questions of law arise for consideration, they were heard analogously and are being decided by this common judgment. I.....
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....smissed the appeal. Being aggrieved, the appellant filed an appeal before the Tribunal, the Tribunal by an order dated 17.09.2010 partly allowed the appeal preferred by the appellant. ITA NO.193/2014: 5. The appellant filed the return of income for the assessment year 2007-08 and declared the total income as Rs. 1,76,040/- after claiming deduction under Section 10B of the Act to the tune of Rs. 2,73,34,530/-. The case of the appellant was selected for scrutiny. The assessing officer passed an order under Section 143(3) of the Act on 24.12.2009 and determined the total income of the appellant at Rs. 58,44,300/- as against the income declared by the appellant which was Rs. 1,76,040./-. The assessing officer restricted the claim of deduction under Section 10B to Rs. 2,16,66,271/- as against Rs. 2,73,34,540/- as claimed by the appellant. Being aggrieved, the appellant filed an appeal before the Commissioner of Income Tax (Appeals) who by an order dated 08.02.2013 partly allowed the appeal. Being aggrieved, the appellant approached the Tribunal. The Tribunal by order dated 10.02.2014 dismissed the appeal preferred by the appellant. ITA No.108/2013: 6. The appellant field the return ....
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.... in holding that 398 parties were involved in fact 398 are the number of transactions which has been noticed by the assessing officer in para 2.1 and 2.2 of its order for the assessment year 2005-06. It is also urged that the Assessing Officer examined two of the major parties with whom the assessee had transacted viz., S.K.International, New Delhi and M/s Glittek Granites Limited and they had given their response and had stated they had not claimed exemption. It is further submitted that the question of duplication does not arise as each person can claim on the value addition by him and the presumption that there can be duplications itself is contrary to principle of accountancy and computation of income under the Act. In support of aforesaid submissions, reliance has been placed on the decision in 'TATA ELXSI LTD. VS. ACIT, ITA NO.411/2008 DATED 20.10.2014, 'DCIT VS. METAL CLOSURES (P) LTD.', 102 TAXMANN.COM 72 (SC), ' METAL CLOSURES (P) LTD., DCIT', 102 TAXMANN.COM 71 (KAR) AND 'PCIT VS. INTERNATIONAL STONES INDIA (P) LTD', 95 TAXMANN.COM 287 (KAR). 10. On the other hand, learned counsel for the revenue did not dispute the proposition of law laid down in the aforesaid decisions....
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....ains derived by an undertaking from the export of such articles or things or computer software : Provided also that no deduction under this section shall be allowed to any undertaking for the assessment year beginning on the 1st day of April, 2012 and subsequent years. (1A) Notwithstanding anything contained in sub-section (1), the deduction, in computing the total income of an undertaking, which begins to manufacture or produce articles or things or computer software during the previous year relevant to any assessment year commencing on or after the 1st day of April, 2003, in any special economic zone, shall be,- (i) hundred per cent of profits and gains derived from the export of such articles or things or computer software for a period of five consecutive assessment years beginning with the assessment year relevant to the previous year in which the undertaking begins to manufacture or produce such articles or things or computer software, as the case may be, and thereafter, fifty per cent of such profits and gains for further two consecutive assessment years, and thereafter; (ii) for the next three consecutive assessment years, so much of the amount not exceeding fifty pe....
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....lowing conditions, namely :- (i) it has begun or begins to manufacture or produce articles or things or computer software during the previous year relevant to the assessment year- (a) commencing on or after the 1st day of April, 1981, in any free trade zone; or (b) commencing on or after the 1st day of April, 1994, in any electronic hardware technology park, or, as the case may be, software technology park; (c) commencing on or after the 1st day of April, 2001 in any special economic zone; (ii) it is not formed by the splitting up, or the reconstruction, of a business already in existence : Provided that this condition shall not apply in respect of any undertaking which is formed as a result of the re-establishment, reconstruction or revival by the assessee of the business of any such undertakings as is referred to in section 33B, in the circumstances and within the period specified in that section; (iii) it is not formed by the transfer to a new business of machinery or plant previously used for any purpose. Explanation.-The provisions of Explanation 1 and Explanation 2 to sub-section (2) of section 80-I shall apply for the purposes of clause (iii) of this sub-sect....