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2015 (11) TMI 121 - ITAT MUMBAI

2015 (11) TMI 121 - ITAT MUMBAI - TMI - Exemption u/s 10B - as per AO assessee did not have approval of prescribed authority as required by CBDT and the green card issued by Chairman Inter Ministerial Standing Committee (IMSC), as software technology park scheme, is merely a concession provided by the Government to the units set up on STP Zones to avail certain facilities on priority basis but does not have any bearing with the allowance and/or disallowance of deduction u/s 10B

Held t .....

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Government, to set up units in STP zones to avail certain facilities on priority basis and was of the view that for claiming deduction u/s 10B, the assessee is expected to obtain approval of CEO of STPI, as required in CBDT instructions dated 18/10/2010. The assessee filed further communication, pursuant to the report of the Assessing Officer. Again, remand report was sought from the Assessing Officer.

Admittedly, there is no dispute with respect to fulfillment of other conditions as .....

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ommittee. It is also noted that for A.Y. 2008-09, the claim of the assessee, identically, was allowed and the claimed deduction amounting to ₹ 3,24,70,565/- was granted u/s 10B of the Act. This factual matrix was not controverted by the Revenue. In view of this factual position, unless and until, contrary facts are brought to our notice, the department is not expected to deny the claimed deduction.

Our view is fortified by the decision of Western Outdoor Interacting Pvt. Ltd. ( .....

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not open to the department to deny claimed deduction. - Decided in favour of assessee. - ITA No. 6525/Mum/2012, CO No. 276/Mum/2014 - Dated:- 19-10-2015 - Joginder Singh, JM And Rajesh Kumar, AM For the Appellant : Shri Vijay Kumar Soni-DR For the Respondent : Shri Bhardesh Doshi ORDER Per Joginder Singh ( Judicial Member ) The Revenue is aggrieved by the impugned order dated 31/08/2012 of the ld. First Appellate Authority, Mumbai. The assessee has also preferred Cross objection. 2. First, we sh .....

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o the units set up on STP Zones to avail certain facilities on priority basis but does not have any bearing with the allowance and/or disallowance of deduction u/s 10B of the Act. 2.1. During hearing, the ld. DR, Shri Vijay Kumar Soni, advanced his arguments, which are identical to the ground raised. On the other hand, Shri Badresh Doshi, ld. counsel for the assessee, defended the conclusion arrived at in the impugned order by contending that the issue in hand is covered in favour of the assesse .....

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evelopment, registered with software technology park of India (STPI), involved in software development with very high analytical mathematical and statistical contents. The assessee company develops computer software broadly in the areas of business financial services and insurance sector in market risk management, credit risk management, operational risk management, software for implementing measuring, controlling, reporting and managing risk and regulatory compliance with the Basel-2 capital ad .....

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ctoral degree in adaptive estimation and neural learning procedures from Indian Institute of Technology, Mumbai and had been responsible for applying several cutting as technologies in the area of risk management/exposure management. The assessee, during the year had turnover of ₹ 3,14,83,809/- and profit of business was ₹ 1,52,56,117/-. The ld Assessing Officer disallowed ₹ 1,70,59,298/-, claimed as deduction u/s 10B of the Act with a remark that the assessee company is not ap .....

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Revenue is aggrieved and is in appeal before this Tribunal. 2.4. If the observation made in the assessment order, leading to addition made to the total income, conclusion drawn in the impugned order, material available on record, assertions made by the ld. respective counsel, if kept in juxtaposition and analyzed, under the facts narrated hereinabove, we note that even before the ld. Assessing Officer, necessary details like STP registration, green card, agreement of software export with STPI, q .....

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view that green card is merely a concession, provided by the Government, to set up units in STP zones to avail certain facilities on priority basis and was of the view that for claiming deduction u/s 10B, the assessee is expected to obtain approval of CEO of STPI, as required in CBDT instructions dated 18/10/2010. The assessee filed further communication, pursuant to the report of the Assessing Officer. Again, remand report was sought from the Assessing Officer. Admittedly, there is no dispute w .....

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hnology and Chairman Inter Ministerial Standing Committee. It is also noted that for A.Y. 2008-09, the claim of the assessee, identically, was allowed and the claimed deduction amounting to ₹ 3,24,70,565/- was granted u/s 10B of the Act. This factual matrix was not controverted by the Revenue. In view of this factual position, unless and until, contrary facts are brought to our notice, the department is not expected to deny the claimed deduction. Our view is fortified by the decision dated .....

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