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2014 (11) TMI 980 - AT - Income TaxDeduction under section 10A - whether to be allowed prior to setting off of unabsorbed losses and unabsorbed depreciation or not? - Held that:- In terms of the decision of the hon'ble Supreme Court in Himatsingka Seide Ltd. v. CIT [2013 (10) TMI 823 - SUPREME COURT] we hold that the unabsorbed depreciation shall form part of the current year's depreciation and the same is required to be deducted before allowing deduction under section 10A of the Act. However, the unabsorbed business loss has to be deducted only from the profit available after allowing deduction under section 10A of the Act. Accordingly, we modify the order of the learned Commissioner of Income-tax (Appeals) and direct the Assessing Officer to compute the total income in terms of the abovesaid discussion. Applicability of provisions of section 115JB to the unit located at special economic zone? - Held that:- The profits of the special economic zone unit are not required to be included in computing the book profit under section 115JB of the Act. See Genesys International Corpn. Ltd. Versus Assistant Commissioner of Income-tax, Circle 8(1) [2012 (12) TMI 491 - ITAT MUMBAI ] - Decided in favour of assessee.
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