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2017 (11) TMI 1269 - AT - Income TaxCarry forward of unabsorbed depreciation relating to non-exemption years - deduction u/s 10A - Held that:- Restoring the assessee’s appeal to the ITAT that the intent of the Legislature while making these amendments was certainly not to curtail relief to an assessee, who had not availed double benefit. It is not the Department’s case that any double benefit has been availed by the assessee. Also, the question as to whether section 10A is an exemption provision or a deduction provision is also no longer res integra in view of the judgment of the Hon’ble Delhi High Court in the case of CIT v. Tei Technologies Pvt. Ltd (2012 (9) TMI 47 - DELHI HIGH COURT) as well as CIT v. Yokogawa (2011 (8) TMI 845 - Karnataka High Court), which the Hon’ble Delhi High Court has discussed in the case of CIT v. Tei Technologies Pvt. Ltd (supra). Therefore, respectfully following the ratio of the said judgment of the Hon’ble Delhi High Court, we are of the considered opinion that the assessee will be eligible for set off of unabsorbed depreciation for the assessment years 1993 – 94 to 1995-96 against the income of the assessee for the assessment year under consideration. Therefore, we set aside the order of the Ld. CTT (Appeals) on this issue and direct the AO to allow set off of unabsorbed depreciation to the assessee as discussed hereinabove. - Decided in favour of assessee.
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