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Showing contexts for: section 10aa in M/S.Cognizant Technology Solutions ... vs The Assistant Commissioner Of Income ... on 28 July, 2022Matching Fragments
4.) During the year the assessee claimed deduction u/s 10AA, which was recomputed in the Assessment order. Deduction of Rs.1732,61,17,117 has been allowed. In as much as treatment of amalgamation as share transfer arrangement, it will result in withdrawal of exemptions allowed u/s 10AA in respect of units transferred from MIPL/CIPL. The conditions prescribed for claiming deduction u/s 10AA are:
(10.4) Deduction claimed under section 10AA of the Act by the Gurgaon MrX SEZ unit amounting to INR 476,46,271 is sought to be withdrawn. The officer states that treatment of the amalgamation of MarketRx India Private Limited ('MIPL') and Cognizant India Private Limited ('CIPL') with the Assessee as a share transfer arrangement will result in withdrawal of deduction under section 10AA of the Act. No specific reason is assigned as to why the amalgamation is sought to be treated as a 'share transfer arrangement' in order to withdraw the deduction allowed under section 10AA of the Act for the Gurgaon MrX SEZ unit.
(f) The provisions of section 10AA (5) of the Act permit deduction in terms of section 10AA by the successor company upon amalgamation and this stand of the petitioner has been duly disclosed and accepted in the original assessment.
(10.4.2) In fine, the amalgamation of MIPL and CIPL with the petitioner was duly disclosed in the financial statements and submissions made in connection with the claim of deduction under section 10AA of the Act in respect of the Gurgaon MrX SEZ unit.
13. The petitioner is located in a special economic zone, and the claim of deduction under Section 10AA has been a specific issue dealt with under original assessment. So too the disallowance under Section 14A that was addressed by the officer at the first instance. As far as the other issues are concerned, though there may be no specific mention in the order of assessment, the very fact that the issues had been raised at the time of assessment and responses solicited, that the petitioner had duly furnished, https://www.mhc.tn.gov.in/judis would make it clear that these issue had not escaped the attention of the assessing authority.