TMI Blog2008 (11) TMI 614X X X X Extracts X X X X X X X X Extracts X X X X ..... g to raise following substantial questions of law: (a) Whether the Tribunal is correct in interpreting that the total exports in ten years have to be 25 per cent and the said 25 per cent has to be calculated annually? (b) Whether the Tribunal has interpreted that the terms of policy with regard to the clause that the 25 per cent of the total turnover, i.e., target for availing the tax benef ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... r a period of ten years from March 20, 2001 to March 19, 2011. The exemption certificate granted to the petitioner was under category A , i.e., export oriented unit. Under rule 2(xi-a) of the Rules, such a unit is defined as unit, exporting at least 25 per cent of its products with a minimum value addition of 33 per cent against direct receipt of foreign exchange or in the manner specified under ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... exporting 25 per cent as required. The assessee preferred an appeal and the appellate authority vide order dated March 30, 2006 (annexure A3) upheld the view of the assessing officer. On further appeal, the Tribunal held that the assessee will not be entitled to tax exemption in the year in which target was not achieved, but if at the end of total deferment period, the assessee achieves the target ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... gn exchange receipts in the percentages to its production as required and achieve the targets by totalling up, then the respondent-State shall be liable to refund of the tax collected during the period of exemption when the unit had not been able to achieve the targets and tax had been charged. That refund will be with interest at nine per cent per annum from the year it was charged, to the date o ..... X X X X Extracts X X X X X X X X Extracts X X X X
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