INCOME TAX ACT, 1961

Section 10B

Deduction under section 10B - 100 per cent Export Oriented Undertaking - Allowability - 'Deemed Export' of goods

The question arose as to consideration was Whether assessees was entitled to deduction under section 10B, in respect of the 'Deemed Export' of goods made by it during the period in question through a third party or not. Held: 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. M/s. International Stones India (P) Ltd. [I.T.A. No. 564/2016, dt. 12-6-2018] : 2018 TaxPub(DT) 4058 (Karn-HC). 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 deserve to be allowed.

Followed:Pr. CIT v. M/s. International Stones India (P) Ltd. [I.T.A. No. 564/2016, dt. 12-6-2018] : 2018 TaxPub(DT) 4058 (Karn-HC), M/s. Tata Elxsi Ltd. v. Asstt. CIT 2015 TaxPub(DT) 5191 (Karn-HC)

REFERRED :

FAVOUR : In assessee's favour.

A.Y. :

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