TaxTMI 
TaxTMI 
2016 (1) TMI 1523
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.... law and the facts of the case and is required to be quashed. 2. That the Learned Commissioner of Income Tax (Appeals) has gone wrong in reducing the amount of exemption u/s. 10B. 3(a). That the Learned Commissioner of Income Tax (Appeals) has gone wrong in calculating the profits derived from export of article or things by reducing Misc. incomes of Rs. 39,393/- for F-5 Noida Unit. 3.(b). That the Learned Commissioner of Income Tax (Appeals) has gone wrong in calculating the profits derived from export of article or things by reducing Misc. incomes of Rs. 22,970/- for FBD. Digital Sector-16 Unit. 3(c). That the Learned Commissioner of Income Tax (Appeals) has gone wrong in calculating the profit....
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....d u/s. 10B in respect of two units maintained by the assessee are as under : Deduction claimed Deduction allowed Excess claim Faridabad, Digital Unit 47,15,626 41,88,103 5,27,523 F-5 Noida 7,32,32,608 6,13,08,050 1,19,24,558 The profits derived by 100% Export Oriented Undertaking (EOU) of the assessee company from export is as under : Name of EOU As per Co Act As per IT Act Faridabad Digital Unit 54,29,215 47,15,626/- F-5, Noida Unit [after reducing interest income from Head office/Faridabad office] 7,38,81,079/- 7,32,32,608/- The total turnover and export turnover of EOU is as under :- Name of EOU Total Turnover Export Turnover Faridabad Digital Unit ....
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....visions of this section, a deduction of such profits and gains as are derived by a hundred per cent export-oriented undertaking from the export of articles or things or computer software for a period of ten consecutive assessment years beginning with the assessment year relevant to the previous year in which the undertaking begins to manufacture or produce articles or things or computer software, as the case may be, shall be allowed from the total income of the assessee : Provided that where in computing the total income of the undertaking for any assessment year, its profits and gains had not been included by application of the provisions of this section as it stood immediately before its substitution by the Finance Act, 2000, the....
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.... (iv). DCIT vs. EXL Service.com India (P) Ltd. in ITA No. 4459/Del./2013 (ITAT Delhi). He further submitted that Form 56G duly certified by the Chartered Accountant in respect of these two EOUs were filed before the Assessing Officer. In these forms, the chartered accountant has also worked out deduction u/s. 10B by calculating profits of business of undertaking as per section 10B(4) only. Based on the certificates issued by the Chartered Accountant in this regard, exemption u/s. 10B has been claimed by the assessee company. He invited our attention to page 17 of the paper book-2 containing the details of miscellaneous income and compensation from A.Y. 2002-03 to 2007-08. These details show that the assessee has been granted exempti....