Zone,
company claimed deduction of Rs. 6832,18,56,826/- u/s 10AA of the IT. Act, as
per Form 56F(Revised) submitted ... appellant on its export turnover.
Section 10AA of the Act allows to a unit, deduction of profits and gains derived
from the export of article
seeking
foreign tax credit in respect of income pertaining to Section 10A / 10AA
eligible units in India. The ground No.8 raised by the Revenue ... claimed foreign tax credit in respect of income pertaining to section
10A / 10AA of the Act eligible units in India.
27. Brief facts
Asst Cit (Ltu) 2, Mumbai vs Reliance Industries Ltd, Mumbai on 28 September, 2018
IN
erred in allowing deduction u/s 10AA before
computing the brought forward business losses and unabsorbed
depreciation without appreciating that after the amendment ... erred in allowing deduction u/s 10AA before
computing the brought forward business losses and unabsorbed
depreciation ignoring that the Hon'ble Karnataka High
raised in assessee‟s appeal
is regarding deduction under section 10AA of the Act in respect of SEZ
units of the assessee which commenced ... emanating from
the record are: The assessee had claimed deduction under section 10AA of
24
Tata Consultancy Services Ltd.
ITA No. 17/Mum./2011
before
allowing exemption u/s 10AA :
7. The Learned Commissioner of Income Tax (Appeals) erred in setting off brought
forward losses amounting ... from the business
income, before allowing the exemption u/s 10AA .
8. The Learned Commissioner of Income Tax (Appeals) failed to appreciate that the
exemption
delayed realisation of export proceeds.'
3.Recomputation of deduction u/s.10AA of the Act is the subject matter of the next ground ... after
claiming deduction of Rs.80,85,924/-u/s.10AA of the Act,that later on a revised return
of income was filed
assessee for deduction of Rs.56,25,38,852/- under section 10AA
of the Income tax Act on the ground that activities of the
assessee ... appeal relates
to the claim of assessee's deduction under Section 10AA of the Income Tax
Act. Both the parties agreed that this issue
short "the Act") after claiming deduction under section
10A / 10AA of the Act. Further, the assessee also declared book
profit ... claimed foreign tax credit in respect of
income pertaining to section 10A / 10AA of the Act eligible units in
India.
27. Brief facts
well as on facts in allowing the income u/s 10AA by estimating the
Net Profit at 8% against 9.16% of net profit as shown ... declaring total income at Rs. Nil by claiming
deduction under section 10AA of the Income Tax Act, 1961 (for short 'the Act')
amounting
