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Income Tax Officer-9 (2) (3) , Mumbai Versus M/s Neural Technologies and Software Pvt. Ltd. and Vica-Versa

2016 (1) TMI 356 - ITAT MUMBAI

Disallowance of deduction u/s 10B - CIT(A) allowed the claim - Held that:- Automatic route is available to the units, which are having investment less than 100 millions as is the case of the assessee, therefore, the approval by the Director of STPI is sufficient to claim the deduction u/s 10B of the Act. Even, the green card is issued by the designated officer on behalf of the Secretary, Govt. Of India, Ministry of Information Technology and Chairman Inter Ministerial Standing Committee. It is a .....

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like a single window system and to avoid constrains to the assessee and further to mitigate the hardship for the development of software, such type of facilities are provided to entrepreneurs, therefore, we find no infirmity in the conclusion drawn in the impugned order. The order of the ld. First Appellate Authority is affirmed, resulting into, dismissal of appeal of the Revenue. - Decided against revenue - ITA NO.6525/Mum/2012, C.O. No.276/Mum/2014 - Dated:- 19-10-2015 - Shri Joginder Singh, J .....

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the Income Tax Act, 1961 (hereinafter the Act) amounting to ₹ 1,70,59,298/- more specifically, when the 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 disallowan .....

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rder dated 14/08/2012 (copy supplied by the assessee). It was also contended that for A.Y. 2008-09, identical deduction was granted to the assessee. 2.2. We have considered the rival submissions and perused the material available on record. The facts, in brief, are that the assessee, a private limited company, is engaged in the business of software development, registered with software technology park of India (STPI), involved in software development with very high analytical mathematical and st .....

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the hedging strategy and managing FX exposure in real time, development of computer software for risk management of treasury activities and used several artificial intelligent tools and technologies such as neural networks, genetic algorithms, bionomic algorithms and other machine learning techniques. As per the assessee, the Managing Director has Doctoral degree in adaptive estimation and neural learning procedures from Indian Institute of Technology, Mumbai and had been responsible for applyi .....

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of computer software. The stand of the assessee was that the approval of the unit are registered in STP/ESTP, granted by the designated Officer from the ministry of communication & technology instead of Board of approval. 2.3. On appeal, before the ld. First Appellate Authority, the claimed deduction was granted to the assessee against which, the 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 t .....

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the assessee. Certain additional evidences were filed before the ld. First Appellate Authority in the form of Circulars, notifications, letter with respect to delegation of power to the Director STPI/IMSC with respect to granting permission, which were forwarded for the comments of the AO under Rule 46A of the Rules. The Assessing Officer was of the 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 .....

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tic route is available to the units, which are having investment less than 100 millions as is the case of the assessee, therefore, the approval by the Director of STPI is sufficient to claim the deduction u/s 10B of the Act. Even, the green card is issued by the designated officer on behalf of the Secretary, Govt. Of India, Ministry of Information Technology and Chairman Inter Ministerial Standing Committee. It is also noted that for A.Y. 2008-09, the claim of the assessee, identically, was allo .....

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