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TMI Blog2014 (1) TMI 1637X X X X Extracts X X X X X X X X Extracts X X X X ..... at the Assessee was entitled to exemption u/s 10B of the Act then the period of exemption started from Assessment Year 1998-99 and cannot be said to be exhausted in the year under consideration in the present appeal i.e 2006-07. - Following decision of asessee's own previous case, authorities below were not justified in rejecting the claim of the Assessee for deduction u/s 10B of the Act - Decided in favour of assessee. - I.T.A .No. 5720 /Del/2010 - - - Dated:- 31-1-2014 - SHRI S. V. MEHROTRA AND SHRI CHANDRA MOHAN GARG, JJ For The Appellant : Sh. Sahil Kapoor, Adv Ankit Gupta , Vikas Gain, Adv. For The : Respondent by Sh. R. S. Gill, CIT DR ORDER PER CHANDRA MOHAN GARG, JM This appeal has been preferred by th ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... in ITA No. 2339/Del/2010 for the Assessment Year 2005-06 dated 29/11/2013 and submitted that the issue of allowability of deduction u/s 10B of the Act has been decided in favour of the Assessee in Assessee s own case for immediately preceding assessment year to the year under consideration in this appeal. The Ld. Counsel of the Assessee drawn our attention towards Paragraph No. 7 8 wherein the CIT(A) concluded its findings and observations by directing the Assessing Officer to grant exemption u/s 10B of the Act to the Assessee and ITAT C Bench, Delhi upholded the findings of the CIT(A) by holding that the Assessee was entitled to exemption u/s 10B of the Act then the period of exemption started from Assessment Year 1998-99 and cannot be ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... n in the year in which the claim is preferred and if in earlier years the assessee waived his right then he cannot be stopped in claiming the benefit in the subsequent years. The Ld. CIT(A) has also observed that the assessee did not file declaration exercising option prior to the due date for filing of return but filed it along with the return and, therefore, the assessee is disqualified from claiming exemption on this ground also. We do not find any force in such objection because this objection is merely of super technical nature. In view of the above, we are liable to concur with the fining of the Ld. CIT(A) and set aside the same. Consequently, we allow the ground of appeal taken by the assessee and direct that the assessee shall be en ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... g the Assessing Officer to grant exemption u/s 10B of the Act for the assessee. We are unable to find any perversity, ambiguity, perversity or any other valid reason o interfere with the findings of the Commissioner of Income Tax (A). Per contra, we clearly observe that the Assessing Officer ignored this fact that the assessee s 100% EOU was established in A.Y 1997-98 related to A.Y 1998-99. The Assessing Officer denied exemption on surmises and conjectures by taking hyper technical approach. Since the assessee was entitled to exemption u/s 10B of the Act, then the period cannot be said to be exhausted in the year under consideration, hence we uphold that the findings of the Commissioner of Income Tax (A) in the impugned order. Accordingly, ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... in the light of our observations and findings in this appeal. With these directions the ground of deduction from export profits is restored to the file of Assessing Officer. GROUND NO. 4 OF THE ASSESSEE. 8. Ground No. 4 of the Assessee is general in nature which needs no adjudication in the light of our observations and findings pertaining to Ground No. 1 to Ground No. 1.6 of the Assessee. GROUND NO. 5 OF THE ASSESSEE. 9. Ground No. 5 of the Assessee is pertaining to levy of interest u/s 234B of the Act which is consequential to the main ground. Therefore, the Assessing Officer is directed to decide the same in the light of our observations and findings pertaining to the main issue as well as findings of the A.O whenever effect ..... X X X X Extracts X X X X X X X X Extracts X X X X
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