WNS Global Services Pvt. Ltd vs. ITO (ITAT Mumbai)
Till AY 2003-04, the assessee’s shares were held by British Airways and Warburg Pincus. In AY 2003-04, there was a change in the beneficial interest in the shareholding. For AY 2004-05, the assessee claimed s. 10A deduction of Rs. 19 crores in respect of its STPs which were set up pre-2000. The CIT took the view that the s. 10A deduction was not allowable for AY 2003-04 & 2004-05 in view of s. 10A(9) which was introduced in AY 2001-02 to provide that if the “beneficial interest” in the undertaking was transferred, s. 10A deduction would not be allowed. For AY 2003-04, the CIT’s stand was upheld by the Tribunal. However, for AY 2004-04, HELD by the Tribunal, reversing the CIT:
Till AY 2003-04, the assessee’s shares were held by British Airways and Warburg Pincus. In AY 2003-04, there was a change in the beneficial interest in the shareholding. For AY 2004-05, the assessee claimed s. 10A deduction of Rs. 19 crores in respect of its STPs which were set up pre-2000. The CIT took the view that the s. 10A deduction was not allowable for AY 2003-04 & 2004-05 in view of s. 10A(9) which was introduced in AY 2001-02 to provide that if the “beneficial interest” in the undertaking was transferred, s. 10A deduction would not be allowed. For AY 2003-04, the CIT’s stand was upheld by the Tribunal. However, for AY 2004-04, HELD by the Tribunal, reversing the CIT:
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