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2016 (9) TMI 387 - AT - Income TaxEligibility to claim deduction under section 10B - whether the assessee is eligible to claim deduction under section 10B of the Act for the assessment year 2011-12 since the assessee got the approval from STPL for setting up of 100% EOU on 07.10.2010 and signed the agreement with STPL on 18.11.2010? - Held that:- Consedring the case of ITO v. Cat Labs Pvt. Ltd [2014 (2) TMI 1247 - ITAT PUNE] wherein, it is apparent that the overwhelming view of various Benches of the Tribunals have been discussed and arrived at a conclusion to treat the approval granted by the STPI to be enough for the fulfillment of condition prescribed in section 10B of the Act for approval of the EOU unit under section 14 of Industries (Development & Regulation) Act, 1951. Therefore, we are of the opinion that the benefit cannot be denied to the assessee despite the fact that the section 10B of the Act specifically talks of only registration under section 14 of Industries (Development & Regulation) Act, 1951. Thus we set aside the order passed by the ld. PCIT and hold that the Assessing Officer has rightly allowed deduction under section 10B of the Act. - Decided in favour of assessee.
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