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2011 (12) TMI 315 - HC - Income TaxProfit for the purpose of deduction under section 10A of the Act should be allowed before or after deduction for set of of unabsorbed loss and depreciation -the assessee had treated income as business income and had claimed exemption under Section 10A of the Act and set off of unabsorbed depreciation against the same pertaining to assessment years 1993-1994 and 1994-1995 - Revenue contented the assessee is not entitled for carry forward and set off of unabsorbed depreciation for the assessment years 1993-1994 and 1994-1995 against the income determined for the assessment year 2001-2002 - Held that :- Appeals are devoid of merit and was dismissed . The relevant assessment year for the purpose of Section 10A(6) of the Act year which immediately follows the block of ten assessment years from assessment years - The loss incurred by the assessee under the head profits and gains of business or profession has to be set off against the profits and gains if any, of any business or profession carried on by such assessee -as the profits and gains under Section 10A is not be included in the income of the assessee at all, the question of setting off the loss of the assessee of any profits and gains of business against such profits and gains of the undertaking would not arise - appeals in favour of the respondent-assessee and against the revenue.
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