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 manuf

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