Though Section. 10A(9) Omitted w.e.f. AY 2004-05, It Is To Be Treated As Never Existing: ITAT Mumbai

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From: editor@itatonline.org <itatonline.org@gmail.com>
Date: Mon, Aug 13, 2012 at 11:48 AM
Subject: Message from EGroup of SolapurCAs Though s. 10A(9) Omitted w.e.f. AY 2004-05, It Is To Be Treated As Never Existing: ITAT Mumbai
To: editor@itatonline.org

 

Dear Subscriber,

 

The following important judgement is available for download at itatonline.org.

WNS Global Services Pvt. Ltd vs. ITO (ITAT Mumbai)

S. 10A(9) applied prospectively but its omission has retrospective effect

 

Till AY 2003-04, the assessee's shares were held by British Airways and Warburg Pincus. In AY 2003-04, there was a change in the beneficial interest in the shareholding. For AY 2004-05, the assessee claimed s. 10A deduction of Rs. 19 crores in respect of its STPs which were set up pre-2000. The CIT took the view that the s. 10A deduction was not allowable for AY 2003-04 & 2004-05 in view of s. 10A(9) which was introduced in AY 2001-02 to provide that if the "beneficial interest" in the undertaking was transferred, s. 10A deduction would not be allowed. For AY 2003-04, the CIT's stand was upheld by the Tribunal. However, for AY 2004-04, HELD by the Tribunal, reversing the CIT:

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Regards,

Editor,

itatonline.org

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