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COMMISSIONER OF INCOME TAX-II Versus VIMAL AGRO PRODUCTS PRIVATE LIMITED

2016 (10) TMI 248 - GUJARAT HIGH COURT

Deduction u/s 10B - Tribunal holding that export incentives would come within the purview of profit derived from the export of articles or things of a 100% Export Oriented Undertaking within the meaning of Section 10B - Held that:- Both the authorities have rightly come to the conclusion by considering the decision of Calcutta High Court in case of Chloride India Ltd [2001 (12) TMI 34 - CALCUTTA High Court] is in complete agreement with the conclusions arrived at by the authorities below. Accord .....

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lenges the order dated 18/02/2009 passed by the ITAT in ITA No.2673/Ahd/2008, whereby the Tribunal has confirmed the order passed by the CIT (A) and reversed the findings of AO. 2. The short facts of the case are that assessee filed its return of income for the assessment year 200506 on 14/10/2005 which was taken up for scrutiny and notice under Section 143 (2) of the Income Tax Act was issued and after considering the reply and submission, the AO determined the total income of the assessee at & .....

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g this appeals, following question was posed for our consideration: Whether the Tribunal below has committed substantial error of law in holding that export incentives would come within the purview of profit derived from the export of articles or things of a 100% Export Oriented Undertaking within the meaning of Section 10B of the Act; 4. Learned Counsel for the appellant - Department has mainly contended that the Tribunal and CIT (A) has committed serious error of law by granting export incenti .....

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T (A) as well as the Tribunal. 6. The CIT (A) has in last paragraph observed thus: I have considered the submissions and have gone through the decision of the High Court of Calcutta in the case of CIT v. Chloride India Ltd 256 ITR 625 and accordingly I am of the opinion that export incentives do not form a part of total turnover for the purpose of computing deduction u/s. 10B since even as per section 10B, export turnover do not include export incentives and in any formula if any item is exclude .....

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