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TMI Blog2014 (9) TMI 923X X X X Extracts X X X X X X X X Extracts X X X X ..... . Additions made under section 68 falls under the head "Income from other sources" and is thus, not part of profits and gains of business or profession. We do not agree with the contentions of learned counsel for the assessee that the assessee is eligible for exemption under section 10B on the additions made under section 68. Accordingly, this contention of the assessee is rejected. - No infirmity in the order of the Commissioner of Income-tax (Appeals). - Decided against assessee. X X X X Extracts X X X X X X X X Extracts X X X X ..... x. The Assessing Officer after examining the statements and the affidavits filed by these persons came to the conclusion that except for the affidavits tendered by these persons and ledger copy filed by the assessee, there is no other document or evidence to show creditworthiness of the creditors and genuineness of transaction. The Assessing Officer vide order dated December 23, 2011 inter alia made addition of ₹ 10 lakhs under section 68 as unexplained cash credit. Aggrieved by the assessment order, the assessee preferred an appeal before the Commissioner of Income-tax (Appeals). The Commissioner of Income-tax (Appeals), vide impugned order upheld the findings of the Assessing Officer. Now, the assessee has come in the second appeal ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... mounting to ₹ 10 lakhs. The first submission of learned counsel is, since the assessee is a 100 per cent. export oriented unit and is eligible to claim exemption under section 10B, the addition made under section 68 on account of unproved creditors is the business income of the assessee. Therefore, on the said addition, the assessee is eligible to claim exemption under section 10B. A reading of the provisions of section 10B makes unambiguously clear that the profits and gains derived by 100 per cent export-oriented undertaking from the export of articles or things or computer software is eligible to claim deduction under section 10B. Thus, it is the profits and gains from the export business of the specified items that the assessee i ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ,500. Similarly, in the case of Shri M. Ramamoorthy, the amounts were received during April 1, 2008 to April 5, 2008 in instalments ranging from ₹ 18,000 to ₹ 19,500, i.e., below ₹ 20,000 by way of cash. The total credits as on April 5, 2008 were to the tune of ₹ 5 lakhs. As in the case of Shri Iyyappan, the amounts were returned to Shri M. Ramamoorthy during the period December, 2008 to March 2009 by way of cash in instalment ranging from ₹ 15,000 to ₹ 19,500. The transactions with both persons were arranged in a similar dubious manner to circumvent the provisions of the Act. There is no document on record to infuse confidence for accepting the aforesaid transactions as genuine. We do not find any infi ..... X X X X Extracts X X X X X X X X Extracts X X X X
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