9911796707
TMI Blog2015 (8) TMI 699X X X X Extracts X X X X X X X X Extracts X X X X ..... therefore proceed to dispose of the appeal on the basis of material on record ex-parte qua the Assessee. 3. The relevant facts as culled out from the material on record are as under. 4. Assessee is a company stated to be engaged in the business of manufacturing of Vacuum Insulated Tanks, Cold Converter Systems etc. Assessee electronically filed its return of income for A.Y. 08-09 on 23.09.2008 declaring total income of Rs. 24,87,78,090/-. The case was selected for scrutiny and thereafter the assessment was framed under section 143(3) vide order dated 12.05.2010 and the total income was determined at Rs. 29,11,96,120/-. Aggrieved by the order of A.O., Assessee carried the matter before ld. CIT(A) who vide order dated 27.04.2011 granted pa ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... to exports out of India. He also noted that identical issue in the case of Assessee for A.Y. 2000-01 to 2007-08 was rejected by ld. CIT(A). He therefore for the reasons stated by the A.O while disallowing the claim of deduction in earlier years, denied the claim of deduction u/s. 10B for the year under consideration. Aggrieved by the order of A.O., Assessee carried the matter before ld. CIT(A). Ld. CIT(A) decided the issue by holding as under:- 2 2 I have considered the matter. ITAT, Ahmedabad for AYs 2000-01 to 2007-08" in appellant's case held that in order to' claim deduction u/s 10B, assessee has to bring convertible foreign exchange in India out of its own export. In view of this, sale of Rs. 11,79,01,400/- made to other DTA u ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... red view the interpretation advanced by Id. A.R. is not correct. Income of every Asst. Year has to be computed in accordance with the provisions of the Act as existing for that Asst. Year. The applicability of the amended provisions has to be looked into and is to be seen whether assessee satisfies those conditions or not and whether it falls into charging section relevant to that Asst. Year. In our considered view the AO is duty bound to see whether assessee is satisfying the conditions laid down in the relevant provisions of the Act for that particular Asst. Year before allowing deductions of the exemption or the allowance claimed by the Assessee. The only meaning that can be attached to the proviso to section 10B(1) as substituted by Fin ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... equent years only on the basis of its satisfying conditions laid down prior to amendment by Finance Act 2000. Now coming to the question as to what condition assessee has to satisfy, in subsequent years. We note that sub-section (3) of section 10B as amended by Finance Act, 2000 has brought in following new conditions:- This section applies to the undertaking, if the sale proceeds of articles or things or computer software exported out of India are received in or brought into India by the assessee in convertible foreign exchange, within a period of six months from the end of the previous year or within such further period as the competent authority may allow in this behalf Explanation-1 For the purposes of this sub-section the expression "c ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... foreign exchange and entire of its products are sold in India in Indian rupees. Therefore, the assessee will not be entitled to exemption under section 10B. Accordingly this ground of assessee is rejected. 9. Since it has been admitted by the ld. A.R. in the written submission that the issue in the year under appeal is similar to that of A.Y. 2000-01 to 2007-08, we respectfully following the aforesaid decision of Tribunal find no reason to take a different view. Thus this ground of Assessee is dismissed. Ground no. 4 is with respect to not allowing proportion deduction of Rs. 70,24,923/- u/s 10B of the Act. 10. With respect to ground no. 4 it was submitted in the written submission by A.R. that A.O has verified the claim and has allowed t ..... X X X X Extracts X X X X X X X X Extracts X X X X
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