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TMI Blog2013 (1) TMI 396X X X X Extracts X X X X X X X X Extracts X X X X ..... which the undertaking begins to manufacture or produce articles or things. It is an admitted fact that the assessee started manufacturing in May, 1993 & assessee was eligible for claiming deduction under section 10B for the period of 10 years beginning with the assessment year 1994-95. Accordingly, the assessee was entitled for benefit upto assessment year 2003-04. The Tribunal inadvertently calculated the period of 10 years starting from assessment year 1995-96 and ending with assessment year 2004-05. This is a mistake which has to be rectified. Assessee fairly conceded to the factual error in calculation of period of 10 years. Since the change of the year goes to the root of the order, it fit to recall the order dated 24.7.2012 and th ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... rs subject to the fulfillment of other conditions. The learned DR submitted that the period of ten years lapsed in the year 2003-04. The learned DR contended that the period of ten years has to be reckoned from the assessment year relevant to the previous year in which the assessee begins manufacturing process and in the present case it is assessment year 1994-95. Therefore, the assessee was not entitled to the benefit of deduction under section 10B in the assessment year 2004-05. 3. We have heard the submissions made by the learned DR. The relevant extract of the provisions of section 10 prior to the amendment of 1998 are as follows:- Special Provision in respect of newly established hundred per cent export-oriented undertakings. ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... shall not be included in the total income of the assessee in respect of any ten consecutive assessment years, beginning with the assessment year relevant to the previous year in which the undertaking begins to manufacture or produce articles or things. 5. The relevant provisions of section 10B of the Income Tax Act as amended by the Finance Act, 2000 with effect from 1.4.2001 as they are applicable now are as follows:- Special Provisions in respect of newly established hundred per cent export-oriented undertakings. 10B. (1) Subject to the provisions of this section, a deduction of such profits and gains as are derived by a hundred per cent export-oriented undertaking from the export of articles or things or computer softwar ..... X X X X Extracts X X X X X X X X Extracts X X X X
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