9911796707
TMI Blog2017 (12) TMI 1330X X X X Extracts X X X X X X X X Extracts X X X X ..... on the grounds inter alia that :- "1. That on the facts and circumstances of the case and in the law, the CIT (A) has grossly erred in confirming the disallowance of exemption u/s 10A of Rs. 49,94,913/- as made by the AO. 2. That alternatively without prejudice to the above, the CIT (A) has grossly erred in not directing the AO to allow assessee the credit for brought forward losses for past assessment years AY 2004- 05 & AY 2005-06 being a legal entitlement of assessee u/s 72 of the Act." 2. Briefly stated the facts necessary for adjudication of the controversy at hand are : assessee company was incorporated on 26.10.1999 and had set up a Software Technology Unit registered with Software Technology Park of India (STPI). Assessee co ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... nd registered under STPI is entitled for exemption u/s 10A of the Act. It is also not in dispute that the assessee company has raised first invoice of US $ 1050 on 31.03.2000. It is also not in dispute that the assessee company has not claimed any exemption u/s 10A for AY 2000-01. 6. In the backdrop of the facts and circumstances of the case, the sole question arises for determination in this case is :- "as to whether the assessee company has commenced manufacture or production on 30.03.2000 as has been held by AO/CIT (A) and has not been found to be ineligible for exemption qua AY 2010-11?" 7. AO/CIT (A have taken the date of production as 30.03.2000 from the audit report furnished by the assessee company during assessment proceedings ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 3.2000 issued for trial verification by the assessee company. 12. Furthermore, section 10B of the Act is categoric enough to provide liberty to the assessee company to choose the claim of deduction u/s 10A in respect of newly established 100% export oriented unit. So, we are of the considered view that when the assessee company has only issued the first token invoice of US $ 1050 as cost for trial verification and has opted to avail of the exemption u/s 10A in AY 2001-02 when production for global market was commenced on 30.04.2000, the year under assessment i.e. AY 2010-11 is the 10th year of exemption available to the assessee company. 13. So, following the decision rendered by Hon'ble High Court in case cited as Nestor Pharmaceuticals ..... X X X X Extracts X X X X X X X X Extracts X X X X
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