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2006 (1) TMI 113 - HC - Income TaxClaim for exemption u/s 10B - assessee-company is a 100% EOU manufacturing cotton yam and exporting it to foreign countries - Since it was 100% EOU, it claimed exemption under section 10B on condition that if the Assessing Officer arrives at positive income after making additions in the assessment order for the export oriented unit, exemption under section 10B should be allowed - AO held that the assessee had exercised its option u/s 10B, even though the business income was a negative figure - Section 10B(8) which opens with a non obstante clause, clearly confers a right on the assessee to declare that the provisions of the Act may not be made applicable to the assessee, provided such a declaration is given on or before the due date for furnishing the return under section 139(1). It was therefore, open to the assessee, notwithstanding the fact that the assessee had exercised the option to have section 10B made applicable, to withdraw that option, provided such withdrawal was made on or before the due date for filing the return.
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