2012 (6) TMI 835

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..... DRA POOJARI, AM: This appeal by the Revenue is directed against the order of the CIT(A)-IV, Hyderabad 27.12.2011. 2. The Revenue raised the following effective ground: The learned CIT(A) ought to have considered that allowing exemption u/s. 10A on the disallowable payments are nothing but ignoring the relevant provisions and especially when the language used in section 10A(1) is deriv .....

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..... 012 in the case of Merilyn Shipping Transports (Visakhapatnam) in ITA No. 477/Viz/2008. Being so, there cannot be any disallowance on this count. Even if there is any disallowance, it should be considered as income from business only and is to be considered for the deduction u/s. 10A of the IT Act. Our view is fortified by the judgement of Bombay High Court in the case of CIT vs. Gem Plus Jew .....

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