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2020 (9) TMI 671 - AT - Income TaxClaim for exemption u/s 10AA - Profit derived from a unit situated at SEZ - definition of trading and what it means import for the purpose of re-export - HELD THAT:- As decided in DCIT Vs. Boommidal Enterprises Pvt. Ltd [2017 (4) TMI 867 - ITAT VISAKHAPATNAM] Profit derived from a unit situated at SEZ that is engaged in the business of ‘trading’ in the nature of import and re-export falls within the definition of services, hence eligible for deduction u/s 10AA. Profit derived from the units situated at SEZ, engaged in the business of trading activity in the nature of import and re-export of goods falls within the definition of the term 'services' as defined in section 10AA. Consequently, the assessee is eligible for exemption u/s. 10AA of the Act, towards export profit derived from eligible unit located at SEZ. CIT (A), after considering the relevant provisions of the Act, has rightly deleted additions made by the A.O. towards disallowance of exemption u/s. 10AA of the Act. We do not find any error in the order passed by the CIT (A). Hence, we uphold CIT (A) order and reject the ground raised by the revenue. Similar view is also taken in case in Solitaire Diamond Exports [2019 (11) TMI 513 - ITAT MUMBAI]- Decided in favour of assessee.
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