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DCIT, Circle, Kolkata Versus M/s Natural Products Export Corporation Ltd.

Disallowance of claim under section 10B - Held that:- The source of the information for the AO for ascertaining the date of commercial production i.e. year 1997 was form 56G which is certificate issued by the Chartered Accountant for claiming the deduction under section 10B of the Act. There was a letter issued by the Ministry of Industry, Government of India in the year 1997 for registering the assessee with Secretariat for Industrial Assistance(SIA for short) for availing these facilities and .....

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entitled for deduction under section 10B of the Act for the present assessment year i.e., 2009-10 under consideration - Decided in favour of assessee.

Disallowance under section 14A - CIT(A) deleted the addition - Held that:- The AO has invoked the rule 8D of the Act because he disallowed the claim for deduction under section 10B of the Act. So the assessee was to pay the taxes under the normal provisions of the Act rather than under the provisions of MAT under section 115JB of the Ac .....

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under section 14A of the Act. - Decided in favour of assessee. - ITA No. 1512/Kol /2012 - Dated:- 28-9-2015 - Mahavir Singh, JM And Waseem Ahmed, AM For the Appellant : Shri Amitabh Chowdhury, Addl. CIT-DR For the Respondent : Shri I Banerjee, FCA & Sri S Joshi, Adv ORDER Per Waseem Ahmed, Accountant Member This appeal by the Revenue is arising out of order of Commissioner of Income Tax (Appeals)VIII, Kolkata in appeal No.159/CIT(A)-VIII/Kol/2011-12 dated 31.07.2012. Assessment was framed by .....

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proceed to hearing the appeal. 3. The first issue raised by the Revenue in this appeal is that the Ld. CIT(A) has erred in allowing the deduction under section 10B of the Act for the assessment year 2009-10 whereas the assessment year 2008-09 was the last eligible assessment year of the ten consecutive assessments years for the claim of deduction under section 10B. 4. Briefly stated facts are that the assessee is a limited company and is into the business of export of dry flowers and dried parts .....

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se may be. In the present case, it was found by the AO from the Form No. 56G where the certificate for deduction u/s 10B of the Act was issued by the Chartered Accountant, that the date of commencement of manufacture or production is 1997. So in the present case the last assessment year i.e. 10th assessment year for claiming deduction under section 10B of the Act was the assessment year 2008-09. So the AO has disregarded the claim of deduction under section 10B of the Act of the assessee and the .....

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own to have started in the financial year 2000-01 relevant to the assessment year 2001- 02.Aggrieved Revenue is in appeal before the Tribunal on the following ground of appeal:- "1. That, in the facts and in circumstances of the case and in law, the Ld. CIT(A) has erred in holding that the assessee company was eligible for deduction u/s. 10B of It Act, 1961, for this assessment year 2009-10, whereas, eligibility for deduction for ten consecutive assessment years ended with AY 2008-09 and th .....

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er section 10B of the Act and he also supported the order of the AO. The Ld AR supported the order of the CIT(A) and submitted that the commercial production commenced only on dated 21-3-2000. The AR submitted a paper book running from pages no. 1 to 53 and actual date ofregistration for 100% EOU is 21-03-2000 vide registration No. 697/MEPZ. Before us,Ld. AR has also submitted that the letter written to the Development Commissioner- MADRAS EXPORT PROCESSING ZONE for informing the date of commerc .....

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year 2009-10 was time barred. The source of the information for the AO for ascertaining the date of commercial production i.e. year 1997 was form 56G which is certificate issued by the Chartered Accountant for claiming the deduction under section 10B of the Act. There was a letter issued by the Ministry of Industry, Government of India in the year 1997 for registering the assessee with Secretariat for Industrial Assistance(SIA for short) for availing these facilities and privileges admissible un .....

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nder section 10B of the Act for the present assessment year i.e., 2009-10 under consideration. Hence, this ground or Revenue's appeal is dismissed. 6. The second issue raised by the Revenue in this appeal is that Ld. CIT(A) has erred in allowing the relief to the assessee under section 14A of the Act for the exempted income of the assessee. 7. The Assessee has earned dividend of ₹ 241810/- but failed to make any disallowance of the expenditure accordingly under Section 14A of the Act. .....

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in his order the disallowance under section 14A of the Act will also be added back in computing the book profit under section 115JB of the Act. Aggrieved assessee preferred an appeal to Ld. CIT(A) who deleted the addition made by the AO by observing that the "disallowance made by the AO u/s 14A of the Act is much more than the actual income earned by the assessee-company. Further, this is not a case that the AO could not ascertain the actual expenditure incurred from the books of account. .....

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