Court :
INCOME TAX APPELLATE TRIBUNAL
Brief :
Brief facts of the instant case are that the assessee filed its return on 31.10.2002. On 28.3.2008 the Assessing Officer passed assessment order. Made disallowance u/s 10A of the Income Tax Act (hereinafter to be referred to as the Act) by partly allowing assessee’s claim u/s 10A of the Act to the tune of Rs. 2,31,19,572/- (instead of Rs. 4,50,34,610/- claimed by the assessee) on the following grounds:
“(a) Inter-unit transfer of raw materials at cost forms part of the total turnover for the purpose of calculating deduction u/s 10A of the Act.
(b) Interest on FDRs cannot form part of the business profit for the purpose of calculating deduction u/s 10A of the Act.
(c) Exchange rate difference of Rs. 88,96,911/- is not entitled to deduction u/s 10A of the Act.”
Citation :
Tara Jewels Export Pvt. Ltd.,13, Manik Apartment, B.S. Road, Dadar (W), Mumbai – 400 028. PAN: AABCT1161H (Appellant) Vs. Deputy Commissioner of Income Tax-8(3), Aayakar Bhavan, M.K. Road, Mumbai – 400 020. (Respondent)
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