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2015 (10) TMI 2559 - AT - Income TaxRevision u/s 263 - assessee is not entitled to claim deduction u/s 10AA of the Act on purely trading activity - Held that:- On perusal of order of the AO as well as submission filed before the AO during the assessment proceedings, it is clear that the AO has raised a specific query in relation to deduction claimed by the assessee u/s 10AA of the Act. In response, the assessee has filed the reply alongwith report u/s 10AA in form No. 56F. Thereafter, the AO has raised further enquiries and the assessee filed the detailed reply which is mentioned hereinabove. Therefore, it is clear that specific query was raised by the AO and on perusal of the details and reply submitted by the assessee, the AO allowed deduction u/s 10AA of the Act to the assessee. In this regard, it is clearly not a case where there is lack of enquiry by the AO. On similar facts in the case of another assessee in the case of M/s. Goenka Diamond and Jewels Ltd. [2012 (3) TMI 258 - ITAT JAIPUR] the Coordinate Bench of ITAT has taken a view that deduction u/s 10AA is available in respect of trading activity. - Decided in favour of assessee
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