Eligibility of deemed Exports through third party for deduction u/s 10B-Supreme Court dismisses SLP of the Income Tax Department
ABCAUS Case Law Citation:
ABCAUS 2695 (2019) (01) SC
Important Case Laws Cited/relied upon:
M/s. International Stones India Pvt. Ltd
M/s.Tata Elxsi Ltd.
The Karnataka High Court had reiterated that the assessee was entitled to deduction u/s.10B of the Act,1961 (the Act) in respect of the ‘Deemed Export’ of goods made by it through a third party or not.
In the said case the ITAT, following a previous decision, took a view that the deemed export are not covered by the definition of “export’ for the purpose of deduction u/s 10B of the Income Tax Act, 1961 (the Act).
However, the said decision relied upon by the Tribunal was reversed by the Hon’ble High Court holding in favour of the assesses that they were entitled to deduction u/s.10B of the Act in respect of the “Deemed Export”.
The Income Tax Department had challenged the judgment of the Karnataka High Court in the Hon’ble Supreme Court.
However, the Division Bench of the Apex Court dismissed the Special Leave Petition (SLP) of the Department.
Addition u/s 40A(3) for cash payment to labour for loading charges deleted by ITAT In a recent judgment, the ITAT…
Addition u/s 68 deleted as AO failed to find any discrepancy in details of creditors submitted by the assessee In…
Jharkhand Rajya Gramin Bank - Empanelment of retired officers of banks as Concurrent auditors on contract basis Jharkhand Rajya Gramin…
Book Profit u/s 115JB to be computed as per Profit & Loss Account prepared under Schedule III of the Companies…
Order not in conformity of Faceless Assessment Scheme 2019 if not est? - ITAT remands the case in view of…
Extension of the validity of FCRA registration certificates till 30.09.2024 Home Ministry has decided to extend the validity of FCRA…