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| The Tax Publishers2020 TaxPub(DT) 3023 (Bang-Trib) : (2020) 083 ITR (Trib) 0024 INCOME TAX ACT, 1961
Section 10AA
Tribunal rightly dismissed various objections raised by AO to deny claim under section 10AA and directed AO to verify as to whether convertible foreign exchange was brought into India and that, they represented consideration received for export of computer software, thus, there was no need to remand matter back to AO, and order of Tribunal was confirmed.
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Deduction under section 10AA - Allowability - Convertible foreign exchange, whether brought into India and represented consideration received for export of computer software -
Assessee challenged adjustments made for relevant assessment year (2013-14) by placing reliance on the Draft Assessment Order of assessment year 2009-10. Assessee contended that erstwhile Draft Assessment Order passed by erstwhile AO was quashed by Karnataka High Court. Held: Tribunal for assessment year 2008-09, dealt with all objections raised by authorities below, which were common for relevant year under consideration to deny deduction under section 10AA. Tribunal dismissed various objections raised by AO to deny claim under section 10AA and directed AO to verify as to whether convertible foreign exchange was brought into India and that, they represented consideration received for export of computer software. AO for relevant year, referred to final assessment order passed for assessment year 2008-09. Therefore, it would be a futile exercise to set aside issue to AO for fresh decision as suggested by both sides, when issue stood squarely covered by order of Tribunal in great detail, for assessment year 2008-09.
Followed:IBM India (P) Ltd. v. JCIT reported in (2014) 46 Taxmann.com 129 (Bang) : 2014 TaxPub(DT) 2742 (Bang-Trib)
REFERRED :
FAVOUR : Against the assessee
A.Y. : 2013 -- 14
INCOME TAX ACT, 1961
Section 10AA
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