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2012 (8) TMI 261 - AT - Income TaxDeduction under section 10A of the Act – Held that:- When the miscellaneous income was not relating to export and was reduced from the export turnover, it should have also been reduced from the total turnover for the purposes of working out the deduction under section 10A of the Act - if the income is to be reduced from the export turnover, the same should also to be reduced from the total turnover while working out the deduction under section 10A of the Act. In that view of the matter, we direct the Assessing Officer to reduce the miscellaneous income in question from the export turnover as well as the total turnover while computing the deduction under section 10A of the Act. Deduction under section 10A of the IT Act - Setting off of the loss of Mumbai STPI undertaking from the profits of the business of Bangalore STPI - Held that:- As the profits and gains under section 10A were not to be included in the income of the assessee at all, the question of setting off the loss of the assessee from any business against such profits and gains of the undertaking would not arise - as per section 72(2), unabsorbed business loss is to be first set off and thereafter unabsorbed depreciation treated as current year’s depreciation under section 32(2) is to be set off. As the deduction under section 10A has to be excluded from the total income of the assessee, the question of unabsorbed business loss being set off against such profit and gains of the undertaking would not arise - In favor of assessee.
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