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TMI Blog2014 (4) TMI 425X X X X Extracts X X X X X X X X Extracts X X X X ..... - Sh. R. S. Syal, AM And Sh. Rajpal Yadav, JM,JJ. For the Petitioner : Shri Arun Chhabra Vijay Agarwal For the Respondent : Shri Satpal Singh ORDER Per R. S. Syal , AM: These two appeals by the Revenue for the assessment years 2008- 09 and 2009-10 and one Cross Objection by the assessee for the assessment year 2008-09 involve some common issues. We are, therefore, proceeding to dispose them of by this consolidated order for the sake of convenience. Assessment Year 2008-09 2. The only issue raised through various grounds is against the deletion of disallowance amounting to Rs. 1,25,73,580/- made by the AO under section 10B of the Income-tax Act, 1961 (Act). 3. Briefly stated the facts of the case are th ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... very fairly submitted that the benefit u/s 10B is no more available to the assessee in view of the later judgment of Hon ble Delhi High Court in the case of CIT Vs Regency Creations Ltd. (2013) 353 ITR 326 (Delhi). It was, however, claimed that the alternative prayer of the assessee made before the ld. CIT(A) for the grant of benefit u/s 10A should be considered. In support of this contention, he relied on the judgment of the Hon ble Delhi High Court in the case of CIT Vs Valliant Communication Ltd., a copy of which has been provided on pages 19 onwards of the paper book. In view of the acceptance by the ld. AR that the question of granting of relief u/s 10B has to be decided against the assessee as per the judgment of Hon ble Jurisdictiona ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ranted relief u/s 10A in principle contrary to its specific denial by the AO. As the question of fulfillment of the necessary conditions for the availing of benefit u/s 10A has not been examined and further we have restored similar issue for the immediately preceding year to the AO, the ends of justice would meet adequately if the impugned order on this score is set aside and the matter is sent back to the AO for deciding it afresh as per law after allowing a reasonable opportunity of being heard to the assessee. The limited remand restricted to the verification to the amount of foreign exchange realized within the prescribed period of time is hereby made complete for a fresh examination of the claim u/s 10A in entirety by the A.O. 8. In ..... X X X X Extracts X X X X X X X X Extracts X X X X
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