2016 (1) TMI 1523

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....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 profits derived from export of article or things by reducing Misc. incomes of....

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....ction 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 1,67,02,149/- 1,67,02,149/- F-5, Noida Unit [after reducing interest income from Head office/Faridabad office] 15,39,94,868/- 15,39,94,868/- ....

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....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 undertaking shall be entitled to the deduction referred to in this sub-section only for the unexpired period of aforesaid ten consecutive assessment years : Provided further that for the assess....

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....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 exemption on miscellaneous income and compensation in earlier years 2002- 03 to 2006-07, but the same has been disallowed in the year under consideration. 4. The learned DR on the other hand, relied on the orders of the authorities below. 5. We have h....