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2017 (1) TMI 1213 - AT - Income TaxRejection of claim of deduction under section 10B - need for approval of the Board appointed by the Central Government to claim exemption - Held that:- The assessee is entitled to exemption under section 10B of the Act subject to fulfillment of other conditions. See Smt. K. Sudha Rani [2013 (6) TMI 783 - ANDHRA PRADESH HIGH COURT] Even otherwise, when there are two views possible the one which is in favour of the assessee deserves to be taken into consideration. It is also not out of place to mention that in the case of Smt. K. Sudha Rani the Revenue has accepted the view taken by the Hyderabad Benches for the A.Ys. 2005-06 and 2006-07. The Ld. D.R. could not place anything on record as to why the view taken by the Hyderabad Benches was accepted by the Revenue. In fact, the Hon’ble A.P. High Court had taken note of the same and the assessee-company had continuously projected before the Assessing Officer as well as the CIT(A) that in the case of Smt. K. Sudha Rani exemption was granted under section 10B of the Act even though there was no separate approval by the Board. Under these circumstances, the Ld. D.R. ought to have obtained proper details as to why the Revenue has accepted the decision of the ITAT as otherwise the only inference possible is that the Revenue has accepted the legal position and therefore did not prefer to go in further appeal. Thus, even on the principles of consistency the Revenue ought not to have preferred a further appeal even in this case. At any rate, consistent with the view taken in the case of other assessees we accept the view of the assessee and hold that the assessee is entitled to claim exemption under section 10B of the Act.
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