INCOME TAX OFFICER, MUMBAI vs. MASUMI OVERSEAS PRIVATE LIMITED, MUMBAI

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ITA 3838/MUM/2025Status: DisposedITAT Mumbai12 May 202612 pages

In favour of the assessee: the Revenue's appeal was dismissed. From the AI summary of this appeal.

AI SummaryDismissed

What did the Tribunal hold?

The Tribunal upheld the CIT(A)'s decision, finding that the assessee's activities of assembling, assorting, and polishing diamonds qualified as 'manufacture' or 'services' under the SEZ Act. It also found that export proceeds were realized by STC and the delay in remittance was due to disputes beyond the assessee's control.

What were the facts?

The assessee, engaged in export of cut and polished diamonds, claimed deduction under Section 10AA. The Assessing Officer disallowed this claim, stating the assessee was a trader, not a manufacturer, and export proceeds were not realized. The CIT(A) allowed the deduction, finding the activities to be manufacturing/services and that export proceeds were realized by STC but held due to disputes.

What were the issues?

Whether the assessee's diamond processing activities qualify for deduction under Section 10AA, and whether export proceeds realized by a third party due to disputes are considered 'realized' for the purpose of the deduction.

Which sections of the Income-tax Act were involved?

Section 10AA,Section 143(3),Section 14A

AI-generated summary — verify with the full judgment below

Income Tax Appellate Tribunal, “D” BENCH MUMBAI

For Respondent: Shri AnnavaramKosuri, Sr. AR
Hearing: 06.04.2026Pronounced: 12.05.2026

आदेश की प्रतितिति अग्रेतिि/Copy of the Order forwarded to : अपीलाथी / The Appellant 1. 2. प्रत्यथी / The Respondent. 3. संबंधधत आयकर आयुक्त / The CIT(A) 4. आयकर आयुक्त(अपील) / Concerned CIT धिभागीय प्रधतधनधध, आयकर अपीलीय अधधकरण, मुम्बई/ DR, ITAT, Mumbai 5. गार्ड फाईल / Guard file. 6.

आदेशानुसार/BY ORDER, सत्याधपत प्रधत //True Copy// उि/सहायक िंजीकार ( Asst. Registrar) आयकर अिीिीय अतिकरण, मुम्बई / ITAT, Mumbai

12 ITA No. 3838/Mum/2025 Masumi Overseas Private Limited Sr. Particulars Date Remark No. s 1. Draft dictated on 2. Draft placed before author 3. Draft proposed & placed before the second member 4. Draft discussed/approved by Second Member. 5. Approved Draft comes to the Sr.PS/PS 6. Kept for pronouncement on 7. File sent to the Bench Clerk 8. Date on which file goes to the AR 9. Date on which file goes to the Head Clerk 10. Date of dispatch of Order. 11. Dictation Pad is enclosed

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