Import of diamonds for re-export qualify for section 10AA deduction

Solitaire Diamond Exports Vs ITO (ITAT Mumbai) The issue under consideration is whether the AO is correct in disallowance of the deduction claim u/s 10AA by stating that the import of diamonds for re-export is not eligible for such deduction? ITAT states that, Section 10AA of the Act, which is introduced in the statute by virtue of SEZ Act, provides exemption for a specified period to SEZ units in respect of profits and gains derived from export of articles or things manufactured or produced or from services. It is the claim of the assessee from the very inception that import of diamonds for r...