Home Case Index All Cases Income Tax Income Tax + AT Income Tax - 2017 (12) TMI AT This
Forgot password New User/ Regiser ⇒ Register to get Live Demo
2017 (12) TMI 1330 - AT - Income TaxDisallowance of exemption u/s 10A - claim for the year - Held that:- Identical issue has also come up before the coordinate Bench of the Tribunal in case cited as Sandvik Asia Pvt. Ltd. vs. JCIT [2015 (12) TMI 1742 - ITAT PUNE] wherein it is held that, “the assessee is at liberty to claim deduction u/s 10B of the Act from end of the year of his choice.” When the assessee company itself has not claimed exemption for AY 2000-01, incubatory period, cannot be considered as production period merely on the basis of token invoice issued for trial verification of its cost. Even otherwise, the letter issued by the assessee company dated 30.04.2000 to Assistant Director, STPI, Noida intimating date of commencement for production of sale in global market as 30.04.2000 has not been disputed by the Revenue rather entire assessment has been made on the basis of token invoice dated 31.03.2000 issued for trial verification by the assessee company. Furthermore, section 10B of the Act is categoric enough to provide liberty to the assessee company to choose the claim of deduction u/s 10A in respect of newly established 100% export oriented unit. So, we are of the considered view that when the assessee company has only issued the first token invoice of US $ 1050 as cost for trial verification and has opted to avail of the exemption u/s 10A in AY 2001-02 when production for global market was commenced on 30.04.2000, the year under assessment i.e. AY 2010-11 is the 10th year of exemption available to the assessee company.
|