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2016 (2) TMI 511 - AT - Income TaxClaim of deduction under section 10B - Held that:- the issue in dispute is squarely covered in favour of the assessee by the orders of the Tribunal in assessee’s own case for preceding assessment years. From the material on record, we find that this is a recurring dispute between the assessee and the Department right from the assessment year 2003–04. The Assessing Officer in the preceding assessment years had disallowed assessee’s claim of deduction under section 10B on the very same reason which was followed by the Assessing Officer in the impugned assessment order. However, as could be seen, the disallowance of claim of deduction under section 10B made by the Assessing Officer was challenged by the assessee before the learned Commissioner (Appeals) in the preceding assessment years. The learned Commissioner (Appeals) allowed assessee’s claim of deduction under section 10B in the assessment years 2003–04 to 2006–07 and 2008–09. Against the orders of the learned Commissioner (Appeals), the Department preferred appeals before the Tribunal. However, the Tribunal upheld the decision of the learned Commissioner (Appeals) by . dismissing the appeal by the Department in respect of all these assessment years. Thus we uphold the decision of the learned Commissioner (Appeals) in allowing assessee’s claim of deduction under section 10B.- Decided in favour of assessee MAT - Exclusion of income of SEZ Unit while computing book profit under section 115JB - Held that:- Taking into consideration the effect of CBDT Circular no.3/2008 and relying upon the decision of the Tribunal, Mumbai Bench, in Genesys International Corporation Ltd. v/s ACIT, [2012 (12) TMI 491 - ITAT MUMBAI] held that income / profit relating to SEEPZ unit has to be excluded while computing book profit under section 115JB. - Decided in favour of assessee Addition of deemed dividend under section 2(22)(e) - CIT(A) deleted the addition - Held that:- Only reason for which the Assessing Officer has treated the amount as deemed dividend is both the companies have some common shareholders cannot be a reason for treating the amount as deemed dividend under section 2(22)(e). As held by the learned Commissioner (Appeals) since the Assessing Officer has failed to establish that assessee is the beneficial shareholder or even a shareholder, provisions of section 2(22)(e) cannot be applied. Also the issue in dispute is squarely covered in favour of the assessee by the decision of the Hon'ble Jurisdictional High Court in case of CIT v/s Universal Medicare Pvt. Ltd. [2010 (3) TMI 323 - BOMBAY HIGH COURT ] thus we do not find any reason to interfere with the order of the learned Commissioner (Appeals). - Decided in favour of assessee.
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