Disallowance of exemption u/s.10AA - assessee did not have ...
Income Tax
June 18, 2022
Disallowance of exemption u/s.10AA - assessee did not have adequate and sufficient fixed assets, manpower and power/ fuel to carry out any manufacturing or processing activity to the extent shown by the assessee - The law is well settled that a person who claims exemption or concession has to establish that he is entitled to that exemption or concession. A provision providing for an exemption, concession or exception, as the case may be, has to be construed strictly. Therefore, we set aside the order of ld CIT(A) and remit this issue back to the file of the assessing officer to examine the conditions of section 10AA of the Act and SEZ Act and adjudicate the issue afresh in accordance with law. - AT
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