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2016 (4) TMI 255 - HC - Income TaxEligibility for exemption u/s 10B - whether assessee had established a new 100% Export Oriented Undertaking eligible for exemption u/s 10B of the Income Tax Act and not SEZ Unit as held by ITAT? - Held that:- From the facts as emerging from the record, it is evident that the assessee's Unit was granted approval as a 100% Export Oriented Undertaking by a letter of permission dated 02.02.2007, which was ratified in the second meeting of the Board for Approval held on 17.05.2007. The assessee being a 100% Export Oriented Undertaking, was therefore, entitled to claim deduction under section 10B of the Act. The Commissioner of Income Tax, on an erroneous reading of the facts on the record, has come to the conclusion that the assessee is a Unit under the SEZ and not a 100% Export Oriented Undertaking and has, accordingly, come to the conclusion that since the assessee's unit is not located within a defined SEZ it is not entitled to the benefit of deduction under section 10B of the Act. Evidently therefore, the conclusion arrived at by the Commissioner of Income Tax is based upon an erroneous finding of fact. The Tribunal, therefore, did not commit any error in holding that the assessee was a 100% Export Oriented Undertaking and not an SEZ Unit and therefore, entitled to deduction under section 10B of the Act. - Decided in favour of assessee
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