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2010 (7) TMI 483 - ITAT, COCHINSet off and carry forward – Unabsorbed depreciation – Exemption u/s 10B - Deduction u/s 80HHC - Held that: In accordance with the majority view, therefore, it is held that the unabsorbed depreciation in respect of Unit A for assessment year 1994-95 to 1996-97 and could be set off against its assessable income for the assessment years 2000-01, 2001-02, 2002-03, 2004-05 and 2006-07. Likewise, the unabsorbed depreciation of Unit B for assessment year 1997-98 could be set off against the taxable income for assessment year 2006-07, deciding the said issue in favour of the assessee and against the revenue. - Decided by third member by majority view. DEPB Income - taxability u/s 28 - Held that: section 28(iiid) would apply only to the profit realised on the transfer of DEPB license(s) by the assessee during the relevant year. Deduction u/s 80HHC - third proviso to section 80HHC(3) is applicable only to the profit arising on the transfer of the credit(s) available under the DEPB scheme, which is to be reckoned by taking its face value as its ‘cost’ which, in turn, would be assessed to tax under section 28(iiib) in the year in which the Application to the appropriate authority stands made by the assessee after effecting the export.
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