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2012 (8) TMI 953 - ITAT MUMBAIAdjustment of brought forward losses and depreciation before allowing exemption u/s 10B - Held that:- We find that the issue involved in the present case is no more res integra and is covered by the aforesaid recent decision of Hon’ble jurisdictional High Court in the case of CIT vs. Black & Veatch Consulting (P.) Ltd. (2012 (4) TMI 450 - BOMBAY HIGH COURT) wherein it has been held that brought forward unabsorbed depreciation and losses of unit, income of which is not eligible for deduction u/s 10A, cannot be set off against current profit of eligible unit for computing deduction u/s 10A. Non-allowance of provision of fringe benefit tax from the book profits u/s 115 JB - Held that:- We find that the facts are not in dispute inasmuch as it is also not in dispute that the A.O. has not discussed the above issue at all in the assessment order. However, the ld. CIT(A) without examining the relevant entries in the books of accounts and the P&L account has upheld the order of the A.O. Since the order passed by the Revenue Authorities on this account is not a speaking order inasmuch as it requires examination of facts, therefore, in the interest of justice, we consider it fair and reasonable that the matter should go back to the file of the A.O. and accordingly we set aside the order passed by the Revenue Authorities on this account and send back the matter to the file of the A.O. to decide the same afresh in the light of our observation hereinabove and according to law after providing reasonable opportunity of being heard to the assessee. The grounds taken by the assessee are, therefore, partly allowed for statistical purpose
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