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2020 (5) TMI 258 - AT - Income TaxClaim of deduction u/s. 10(30) - subsidy received from Tea Board under Special Purpose Tea Fund Scheme - Since the Special Purpose Tea Fund Scheme was yet to be notified by the Central Government, the Assessing Officer held that the assessee is not eligible for exemption u/s. 10(30) - HELD THAT:- CIT(A) has not committed any error in allowing the appeals of the assessee by following the earlier order of the Tribunal in assessee’s own case [2018 (1) TMI 788 - ITAT COCHIN]. Being so, we do not find any infirmity in the order of the CIT(A) and the same is confirmed. Thus, this ground of appeals of the Revenue is dismissed. Income earned from sale of import licenses as central income - HELD THAT:- As in assessee’s own case [2018 (1) TMI 788 - ITAT COCHIN] import license were obtained by the assessee company on account of a scheme for promoting tea exports. The income from sale of import licenses received on account of export of tea is an integral part of plantation operation of the company. The assessee company undertakes exports taking into consideration the import license benefits. Therefore, the import licenses benefits are clearly part of the tea income. The assessee company has not claimed the income as exempt income (agricultural income) but as a part of the combined operation and hence the CIT(A) was correct in treating the said income as tea income as per Rule 8.
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