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TMI Blog2021 (12) TMI 1432X X X X Extracts X X X X X X X X Extracts X X X X ..... /s 10A/10AA of the Act and Whether foreign currency expenses should be reduced from export turnover for computing deduction u/s 10A/10AA. As observed by the Ld PCIT, the AO has failed to pass a fresh assessment order u/s 143(3) r.w.s. 254 of the Act. Instead, the AO has passed an OGE and granted relief to the assessee in respect of all the three issues mentioned above without examining them at all. Thus, granting to relief to the assessee without examining the issues as directed by ITAT and also failure to pass a fresh assessment order u/s 143(3) r.w.s 254 of the Act would definitely render the OGE erroneous and prejudicial to the interests of revenue. Hence we do not find any infirmity in the impugned revision order passed by Ld PCIT. ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... e u/s 14A of the Act (b) Whether Royalty income is eligible for computing deduction u/s 10A/10AA of the Act. (c) Whether foreign currency expenses should be reduced from export turnover for computing deduction u/s 10A/10AA. The Ld PCIT took the view that allowing relief to the assessee in the OGE without conducting fresh examination as directed by AO and without passing fresh assessment order has rendered the OGE erroneous and prejudicial to the interests of revenue. Accordingly, the Ld PCIT initiated revision proceedings u/s 263 of the Act. After hearing the assessee, the Ld PCIT held that the OGE dated 13.11.2017 is erroneous and prejudicial to the interests of revenue. Accordingly, he set aside the OGE and directed the A ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ients of sections 10A/10AA are not satisfied to claim such deduction ? 3. Whether on the facts and in the circumstances of the case, the Tribunal is right in law in aside the re-computation of reduction in respect of 10A/10AA claim of the assessee with respect to telecommunication charges, insurance charges and foreign currency expenses by following the decisions of this Hon ble High Court in the case of Emphasis Ltd., Motor Industries Company Limited and Kshema Technologies Limited even though the said decisions have not reached finality and assessing authority had rightly recomputed the deduction in accordance with the provisions of the Act ? The Ld A.R submitted that Hon ble High Court has since passed the order on 05th Nove ..... X X X X Extracts X X X X X X X X Extracts X X X X
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