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2015 (11) TMI 1522 - AT - Income TaxComputation of deduction under section 10A - whether the deduction is to be computed before set off of brought forward losses and unabsorbed depreciation relating to earlier years? - Held that:- Assessee is entitled to the claim of deduction under section 10A of the Act before setting up of brought forward losses and unabsorbed depreciation. The deduction under section 10A of the Act is first allowed against the eligible profits and in case there are certain left over profits for the year under appeal, then the same are to be adjusted against the brought forward losses and unabsorbed depreciation / loss as claimed by the assessee in return of income. Accordingly, we direct the Assessing Officer to re -compute the deduction under section 10A of the Act. - See M/s. Vishay Components India Pvt. Ltd., Vs. Addl.CIT (2015 (11) TMI 118 - ITAT PUNE ) and Precision Camshafts Limited Vs. ACIT (2015 (12) TMI 1501 - ITAT PUNE ) - Decided in favour of assessee
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