Dy. CIT v. Metal Closures (P) Ltd.

SUBSCRIBE FOR FULL CONTENT

The Tax Publishers2019 TaxPub(DT) 0299 (SC) : (2019) 261 TAXMAN 0161

INCOME TAX ACT, 1961

Section 261 Section 10B

Where the department/preferred SLP to appeal against the judgment of Karnataka High Court in Metal Closures (P) Ltd. v. Dy. CIT [ITA Nos. 24-25/2015 c/w ITA Nos. 22-23/2015, ITA Nos. 379-381/2016, dt. 12-6-2018] : 2019 TaxPub(DT) 297 (Karn-HC), whereby the High Court held that in the case of M/s. Tata Elxsi Ltd. v. Asstt. CIT 2015 TaxPub(DT) 5191 (Karn-HC), it was held that assessee was entitled to deduction under section 10B of the Act in respect of the 'Deemed export' also and similarly following the said judgment, the issue was also decided in favour of the assessee in case of Pr. CIT v. International Stones India (P) Ltd. [ITA No. 564/2016, dt. 12-6-2018} : 2018 TaxPub(DT) 4058 (Karn-HC)], that the present assessee, who was also similarly situated, since the fact of 'deemed export' made by it through a third party was not in dispute, also deserves to get the same relief and therefore, the present appeal filed by assessee deserves to be allowed, the Supreme Court condoned delay and dismissed the SLP.

Appeal (Supreme Court) - Special leave petition - Deduction under section 10B - 100 per cent Export Oriented Undertaking--Allowability--'Deemed Export' of goods

Department preferred SLP to appeal against the judgment of Karnataka High Court in Metal Closures (P) Ltd. v. Dy. CIT [ITA Nos. 24-25/2015 c/w ITA Nos. 22-23/2015, ITA Nos. 379-381/2016, dt. 12-6-2018} : 2019 TaxPub(DT) 297 (Karn-HC)], whereby the High Court held that in the case of M/s. Tata Elxsi Ltd. v. Asstt. CIT 2015 TaxPub(DT) 5191 (Karn-HC), it was held that assessee was entitled to deduction under section 10B of the Act in respect of the 'Deemed export' also and similarly following the said judgment, the issue was also decided in favour of the assessee in case of Pr. CIT v. International Stones India (P) Ltd. [ITA No. 564/2016, dt. 12-6-2018} : 2018 TaxPub(DT) 4058 (Karn-HC), that the present assessee, who was also similarly situated, since the fact of 'deemed export' made by it through a third party was not in dispute, also deserves to get the same relief and therefore, the present appeal filed by assessee deserves to be allowed.Held: The Supreme Court condoned delay and dismissed the SLP.