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TMI Blog2020 (7) TMI 21X X X X Extracts X X X X X X X X Extracts X X X X ..... more than 20% of plant and machinery should have been previously used by any other person? - Whether the Tribunal is justified in allowing deduction under Section 10A of I.T. Act ignoring the provisions of sub Section 7A of Section 10A, which provides for continuance of benefit under Section 10A in the hands of a transferee company only in situation of demerger or amalgamation but not in a situati ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ourt in the case of Commissioner of Income Tax, Central III VS. HCL Technologies LIMITED [ 2018 (5) TMI 357 - SUPREME COURT] in favour of the assessee and against the Revenue. - INCOME TAX APPEAL NO.293 OF 2012 - - - Dated:- 25-6-2020 - HON'BLE MR. JUSTICE ALOK ARADHE AND HON'BLE MR. JUSTICE M. NAGAPRASANNA APPELLANTS (BY E I SANMATHI, ADV.) RESPONDENT (BY SRI SURYAN ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... d as new in the hands of the purchaser and accordingly, failed to satisfy the condition that not more than 20% of plant and machinery should have been previously used by any other person? 2. Whether the Tribunal is justified in allowing deduction under Section 10A of I.T. Act ignoring the provisions of sub Section 7A of Section 10A, which provides for continuance of benefit under Section 10A ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... arrive at export turnover only as per the definitions given in Section 10A of the I.T. Act and total turnover has not been defined in the Section? 5. Whether the Income Tax Appellate Tribunal is correct in law in holding that the deduction under Section 10A should be computed in the above manner following the judgment of jurisdictional High Court in the case of CIT Vs. Tata Elxsi Ltd., whi ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... esaid submissions and the reasons assigned in the aforesaid judgments and in the light of the Circular No.1/2013 dated 17.01.2013 issued by the Central Board of Direct Taxes, the substantial questions of law Nos.1 to 3 are answered in favour of the assessee and against the Revenue. In view of the law enunciated by the Hon ble Supreme Court, the substantial questions of law No.4 and 5 are also answ ..... X X X X Extracts X X X X X X X X Extracts X X X X
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