Section 80IA(10) Inapplicable: Pre-condition of Arrangement Not Met – ITAT Mumbai

KBS Creations Vs DCIT (ITAT Mumbai) ITAT Mumbai held that that existence of arrangement between the deduction seeking unit and other AE is a pre-condition for invoking rigor of section 80IA(10) of the Income Tax Act. Since pre-condition of existence of an arrangement is not fulfilled, section 80IA(10) is not applicable. Accordingly, appeal of assessee allowed. Facts- The assessee is a firm, engaged in business of Gems and Jewellery, primarily manufacturing and export of diamond studded Jewellery. The case of the assessee was selected for scrutiny. Since, the assessee reported certain Specified...