Criteria to claim deduction u/s.10A and 10B of the Income Tax Act

Last updated: 12 June 2021

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Quick Summary

This Income Tax Appellate Tribunal case concerns a partnership firm, M/s. Avalon Business Associates, which claimed a deduction under Section 10B of the Income Tax Act for the assessment year 2011-12. The Assessing Officer disallowed this claim, assessing the firm's income at over Rs. 6 crore and raising a significant demand. The firm had been registered as a 100% Export-Oriented Undertaking (EOU) and had obtained a Letter of Permission for software development and export.

Court :
ITAT Delhi

Brief :
Aggrieved the order dated 01.01.2019 passed by the learned Commissioner of Income Tax (Appeals)-14, Delhi ("Ld. CIT(A)") confirming the order dated 30.01.2017 passed u/s.143(3) r.w.s. 263 of the Income Tax Act, 1961 ("the Act") by the ITO, Ward 41(5), Delhi ("AO"), whereunder while disallowing the claim for deduction u/s.10B of the Act,the learned Assessing Officer assessed the income of the assessee at Rs.6,39,58,019/- as against the returned total income of Rs. NIL and raised a demand of Rs.2,68,77,750/-.

Citation :
ITA No.1859/DEL/2019

Daily Limit Reached