(Per : HONOURABLE MR.JUSTICE V. M. SAHAI) We have heard Mr. S.N. Soparkar, learned Senior Counsel assisted by Mrs. Swati Soparkar for the assessee.
ADMIT.
We formulate the following substantial question of law which arises in this appeal :-
"(1) Whether in the facts and circumstances of the case, the Income Tax Appellate Tribunal was right in law in confirming the action of the CIT (A) as well as Assessing Officer in applying the amended provision of Section 10B of the Income Tax Act, 1961 despite the fact that the appellant was entitled to exemption under Section 10B for A.Y. 2000-01 being the A.Y. Immediately preceding the A.Y. 2001-02, the A.Y. In which the amended provisions were made effective ?
(2) Whether in the facts and circumstances of the case, the Income Tax Appellate Tribunal was right in law in rejecting the claim of 100% EOU under Section 10B of the Income Tax Act, 1961 on a mistaken ground that no exemption under Section 10B is available to the appellant despite the fact that the entire sales are in domestic market and also the appellant has not received any sale proceeds in convertible foreign exchange ?
(3) Whether in the facts and circumstances of the case, the Income Tax Appellate Tribunal was right in law in not appreciating the proviso contained in Section 10B (1) whereby once exemption is allowed, the appellant should be entitled for such exemption for next nine consecutive unexpired periods ?"
Notice to the other side. Paper book be filed within three months. Connect with Tax Appeal No.386 of 2011.
[V.
M. SAHAI, J.] [N.
V. ANJARIA, J.] Savariya Top