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Fresh SEZ Unit with New Capital Eligible for 100% Deduction u/s 10AA: ITAT Chennai
Case Law Details
- Case Name
- Lotus Footwear Enterprises Limited Vs DCIT (ITAT Chennai)
- Appeal Number
- Only available for paid members
- Date of Judgement/Order
- Only available for paid members
- Related Assessment Year
- : 2016-17, 2017-18, 2018-19 & 2019-20
- Courts
- All ITAT, ITAT Chennai
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Lotus Footwear Enterprises Limited Vs DCIT (ITAT Chennai)
Fresh Capital, Not Splitting: Employee Transfers No Bar- ITAT Chennai Allows 100% SEZ Deduction u/s 10AA
Lotus Footwear Enterprises Ltd., India Branch (a BVI company branch) operates two SEZ units (LU1 & LU2) in SIPCOT Industrial Park, Tamil Nadu, manufacturing NIKE footwear. LU1 commenced in 2008 & LU2 in April 2014 after SEZ approval with investment exceeding ₹76 Cr.
AO restricted deduction claimed u/s 10AA for LU2 to 50% (instead of 100%) holding LU2 was formed by splitting up of LU1, transferring employees & machinery,...
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