TMI Blog2012 (8) TMI 1133X X X X Extracts X X X X X X X X Extracts X X X X ..... anufacturing and export of gems and silver jeweleries. The assessee claimed deduction under Section 10-A of the Income Tax Act, which was disallowed by Assessing Officer. Commissioner of Income Tax (Appeals), on an appeal preferred on behalf of assessee, allowed the exemption, claimed by the assessee and set aside the order of Assessing Officer. Thereafter, Department preferred an appeal before the Tribunal, which has been dismissed. Thereafter, Department has preferred this appeal. 4. Submission of learned counsel for the appellant is that Assessing Officer rightly disallowed the claim of exemption made by assessee. The Commissioner of Income Tax (Appeals) as well as Income Tax Appellate Tribunal both committed an illegality in setting ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... but invested share capital of M/s Shagun Gems Pvt. Ltd. from realization of his assets other than the capital employed in the firm. Secondly, it is clear from the bills submitted that the new plant machinery was purchased by the concern. Thirdly, out of 70 employees in the new concern, only 8 were from the earlier concern. In view of the above facts, it cannot be concluded that the new company i.e. M/s Shagun Gems Pvt. Ltd. is nothing but reconstruction of old business within the meaning of provisions of section 10A(2)(ii). On the basis of these facts and judicial pronouncements relevant to these facts, the exemption claimed by the assessee u/s 10A of ₹ 94,84,191/- is directed to be allowed. 7. The above factual aspects and subm ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... independent unit doing its own activity of manufacturing and thereafter the material has been sold on the basis of market price. Therefore, there is no reason to hold that assessee company is a restructured company of earlier and hit by provisions of section 10A(2)(ii) of the Act. In view of these facts and circumstances, we hold that ld. CIT (A) was justified in allowing the issue in favour of the assessee. Accordingly, we confirm his order. 8. The finding of Commissioner of Income Tax (Appeals) as well as Tribunal and other facts and circumstances of the present case, narrated and discussed above, make it clear that all these questions are relating to questions of facts and there is a concurrent finding of facts recorded by Commissio ..... X X X X Extracts X X X X X X X X Extracts X X X X
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