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2018 (7) TMI 946 - ITAT MUMBAIDisallowance of deduction claimed u/s 10AA in respect of interest income - Held that:- Assessee’s claim of deduction u/s 10AA of the Act in respect of interest income has to be considered keeping in view not only the provisions contained under section 10AA of the Act read with SEZ Act, 2005 but also in the light of the ratio laid down in the decisions relied upon by the assessee. None of the Departmental Authorities have done that exercise. That being the case, we are inclined to restore the issue to the Assessing Officer for de novo adjudication after due opportunity of being heard to the assessee - Decided in favour for statistical purposes. Disallowance of deduction under section 10AA of the Act in respect of unrealized export turnover - Held that:- unlike sub–section (3) of Section 10A and section 10B of the Act fixing certain time limit for bringing the export sale proceeds to India, there is no such restriction imposed under section 10AA of the Act. At the same time, section 155(11A) of the Act permits amendment of deduction claimed under section 10A, section 10B and section 10BA of the Act on realization of export sale proceeds. The said provision is totally silent insofar as it relates to realization of export sale proceeds under section 10AA of the Act. However, in case of M/s. Dania Oro Jewellery Pvt. Ltd. [2018 (1) TMI 240 - ITAT MUMBAI] restored the issue to the Assessing Officer for fresh adjudication. Since, the aforesaid decision of the Co–ordinate Bench is on identical issue of deduction claimed under section 10AA of the Act, respectfully following the same, we restore the issue to the file of the Assessing Officer for fresh adjudication. Disallowance under section 40(a)(ia) - Held that:- the amount in dispute was paid during the relevant previous year. However, as held by the Hon'ble Supreme Court in Palam Gas Service (2017 (5) TMI 242 - SUPREME COURT), the provisions of section 40(a)(ia) of the Act covers not only the amounts which remained payable at the end of the year but also the amount which were paid during the relevant previous year without deduction of tax at source. In view of the aforesaid, we do not find merit in the ground raised, hence, it is dismissed.
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