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2017 (8) TMI 1405 - HC - Income TaxDeduction u/s 10AA - whether activity which has been carried out by the assessee was not manufacturing activities and rather it was trading ? - Held that:- Taking into consideration, the activity which was carried out comes within the area of manufacturing and trading will go together. Not only profits and gains of manufactured goods but also trading of goods are allowed for getting the exemption u/s 10AA of the I.T. Act, 1961 if imported goods are reexported by a unit duly approved by development commissioner of concerned SEZ. The assessee company’s entire purchases are import in SEZ unit. The entire goods are exported to foreign country. Further the assessee company also fulfills all other terms & conditions laid down in 25 section 10AA of the I.T.Act, 1961 and as such deduction is claimed as per provisions of law and allowable as such. In that view of the matter, taking into consideration the circular issued by the Ministry of Commerce of Industry under the SEZ Rules, 1976 the view taken by the authorities is required to be confirmed. - Decided in favour of the assessee against the department.
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