income after claiming deduction
of `3,61,19,032/- under section 10AA of the Income Tax Act, 1961 (in short ... Section 51 of the SEZ Act and found that
trading done by the assessee is a service and, therefore, deduction
under Section 10AA is allowable
claim in his return of income for any deduction under section
10A or section 10AA or section 10B or section 10BA or under any provision ... gains shall not be allowed under any
provisions of section 10A or section 10AA or section 10B or section 10BA or
under any provisions
assesses claim of deduction under Sec.10AA of the I.T
Act. As per the facts discernible from the orders of the lower
authorities ... stands revealed that the assessee had claimed
deduction under Sec.10AA in respect of the eligible units at
Rs. 48,13,86,995/-, as against
sales are made to related parties , invoking the provisions of section
10AA(9) , the AO took 25% of sales of SEZ unit as that ... appreciate that
the Assessing Officer erred in invoking the provisions of section 10AA(9).
4. For that the Commissioner of Income Tax (Appeals) failed
with section 80IA(10) in the Appellant's case
3. erred in invoking the provisions of section 10A(7) and section 10AA(9)
read ... ordinary profits;
4. failed to appreciate that provisions of section 10A(7) and section
10AA(9) read with section 80IA (10) could only be invoked
scope of section
10AA is wider than section 10A. Sub section (1) of section 10AA
provides that subject to the provisions of this section ... provisions of section 10AA of the
Act: -
"10AA. (1) Subject to the provisions of this section, in computing the total
income of an assessee
formed
opinion in first assessment U/s 143(3) of the Act on deduction U/s
10AA of the Act. The case law relied ... April, 2006. Section 2(i) of SEZ Act
defines entrepreneur and from the conjoint reading of Section 10AA
and SEZ Act , the entrepreneur
disallowance made by the Assessing Officer on account of
exemption under section 10AA of the Income Tax Act, 1961
without properly appreciating the factual ... u/s. 143(3) , that the AO considered the issue as to whether
the assessee was at all eligible for the benefit u/s 10AA
framed u/s 143(3) of the Act at a total income of ₹60,90,498/-
after disallowing the deduction u/s. 10AA ... trading activity is not eligible because as per the provision of Section 10AA of the Act the
assessee should be engaged in the manufacture/production
expression 'services' has
not been defined either under Section 2 or Section 10AA of the Act. Therefore,
we have to look ... comes within the nature of 'services' as provided
under Section Section 10AA of the Act.
7. Before parting, we must observe that learned
