HC allowed deduction U/s. 10AA as new unit was not formed by transferring any machinery or plant previously used

Pr. CIT Vs. Macquarie Global Services Pvt. Ltd.  (Delhi High Court) The respondent-assessee had set up a new unit in Special Economic Zone (SEZ) income from which was claimed as exempt under Section 10AA of the Act for a period of ten years commencing from the Assessment Year 2010-11. Exemption was allowed in the Assessment Years 2011-12 and 2012-13 but was disallowed by the Assessing Officer in the Assessment Year 2013-14, citing clause (ii) to sub-section (4) to Section 10AA of the Act. It is an accepted and admitted position that the unit in the SEZ had commenced business in the period rel...