9911796707
TMI Blog2006 (1) TMI 113X X X X Extracts X X X X X X X X Extracts X X X X ..... sitive income after making additions in the assessment order for the export oriented unit, exemption under section 10B should be allowed - AO held that the assessee had exercised its option u/s 10B, even though the business income was a negative figure - Section 10B(8) which opens with a non obstante clause, clearly confers a right on the assessee to declare that the provisions of the Act may not ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... d 1165/Mad/2001 for the assessment years 1995-96 and 1996-97, respectively. The Revenue is the appellant. The assessment years involved are 1995-96 and 1996-97. The case of the appellant is that the assessee-company is a hundred per cent. export unit manufacturing cotton yam and exporting it to foreign countries. It started business in the year 1993-94. Since it was 100 per cent. export oriented ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... sioner of Income-tax (Appeals) by the assessee, the Commissioner of Income-tax (Appeals) decided the issue in favour of the assessee following the Tribunal order in I. T. A. No. 520/Mad/ 1996-97, dated July 5, 1997. Against that order, the Revenue preferred appeals before the Income-tax Appellate Tribunal and the Tribunal following the assessee's own case in Tax Case No. 302 of 2001, dated Decembe ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... e to claim the option already exercised under section 10B of the Act, when the assessee has incurred a loss under the head 'Business', and that the Revenue is not justified in foisting the said provision of the assessee?" It is fairly submitted by learned counsel appearing for the appellant that the issue raised in the above questions is covered against the Revenue by the decision of this court ..... X X X X Extracts X X X X X X X X Extracts X X X X
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