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2017 (11) TMI 726 - RAJASTHAN HIGH COURTEntitlement to benefit of deduction u/s. 10B - ITAT justification in allowing the benefit of deduction u/s. 10B even to the acquired unit of M/S. Anjali Exports despite of the facts the same was not having certificate of Export Oriented Unit which was mandatory requirement - agreement of assignment of business - Held that:- In our considered opinion, MOU was entered on 24.03.2007 in that view of the matter any benefit will be taken from the date of MOU and the effect will be given in the relevant year. There is no case of department that by an act of entering into MOU the company is extending the period of deduction Rather the facts are reversed as M/s. Anjali Exports who started its operation from assessment year 05-06 was entitled for deduction for 10 years. However, the business of M/s. Anjali exports was taken over by assessee firm, therefore, Ms. Anjali Export lost its deduction for remaining years i.e about 7 years, as the deduction can be allowed only for 10 years i.e. in case of M/s. Veto Electric Powers or in case of M/s. Veto Electric Power Pvt. Ltd. The view taken by the Tribunal is required to be confirmed. The issue is answered in favour of assessee
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