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TMI Blog2008 (2) TMI 288X X X X Extracts X X X X X X X X Extracts X X X X ..... l questions of law : (A) "Whether the Income-tax Appellate Tribunal has erred in law in granting exemption under section 10B, when no claim was made by the assessee in the return of income or the revised return, which is in violation of the hon'ble Supreme Court decision in the case of Goetze (India) Ltd. 204 CTR 182 ?" (B) Whether on the facts and in law, the hon'ble Income-tax Appellate Tribunal was justified in granting the benefit of deduction under section 10B on conversion of an existing unit into an export oriented unit from a subsequent date, by ignoring the provisions of sub-section (2) of section 10B ? (C) Whether, on the facts and in law, the hon'ble Income-tax Appellate Tribunal was justified in allowing the bad debt of Rs. 1 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... e filed further appeal before the Tribunal against the order of the Commissioner of Income-tax (Appeals). The Tribunal vide order dated April 27, 2007, passed in I. T. A. No. 368/CHD/2002 decided the issue in favour of the respondent. It has observed that the respondent-company came into operation during the assessment year 1991-92 whereas the Circular No. 1 of 2005 ([2005] 272 ITR (St.) 6) was issued on January 6, 2005. Since the circular is not with retrospective effect, and the assessee unit got registered as 100 per cent. export oriented unit during the financial year relevant to the assessment year 1995-96, as the permission was granted by the Government of India, Ministry of Industry, Department of Industrial Development, Secretaria ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... under section 10B for the first time vide letter dated January 19, 2001. Admittedly, the impugned exemption was not claimed by the assessee in the original as well as revised return. This unit came into operation in the assessment year 1991-92 but during the financial year 1994-95 got converted into a 100 per cent. export oriented unit (EOU) with the permission of the Department of Industrial Development, Ministry of Industry, Government of India, New Delhi, vide letter dated October 28, 1994. Admittedly, Arihant Spinning Mills Unit-II (ASM-II) came into operation as DTA unit for the first time at Malerkotla, Distt. Sangrur (Punjab) during the assessment year 1991-92 and was eligible for deduction under section 80-I of the Act and during ..... X X X X Extracts X X X X X X X X Extracts X X X X
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