TaxTMI 
TaxTMI 
2014 (8) TMI 955
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....ntant Member).- This is a Revenue's appeal against the order of the Commissioner of Income-tax (Appeals)-V, Hyderabad dated December 23, 2013. The issue involved in this case is about allowability of deductions under section 10B of the Income-tax Act. 2. The Assessing Officer while completing the assessment was of the view that approval of the board appointed by the Central Government as req....
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..... A. No. 320/ACIT-4(1)/CIT(A)-V/2010-11 dated February 23, 2012 and also by the Income-tax Appellate Tribunal in I. T. A. No. 696/ Hyd/2010 dated January 21, 2011 for the same assessment year against orders under section 263 of the Act. In view of the above, the learned Commissioner of Income-tax (Appeals) held that the assessee is eligible under section 10B of the Act. He also noted that claim in....
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....ct that the assessee has obtained the approval from STPI, Hyderabad as 100 per cent. export oriented undertaking. The Commissioner of Income-tax's finding is that the assessee is not eligible for relief under section 10B of the Act only on the ground that 100 per cent. export oriented undertaking under STPI Scheme cannot be equated with the 100 per cent. export oriented undertaking approved by....
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....mmissioner of Income-tax should agree with the view taken by the Assessing Officer was in consonance with view taken by this Tribu nal, even if there has been a loss of revenue. Hence, powers under section 263 of the Act cannot be exercised by the Commissioner of Income-tax. Our view is fortified by the judgment of the Delhi High Court in the case of CIT v. Honda Siel Power Products Ltd. in I. T. ....