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2013 (9) TMI 396 - AT - Income TaxExemption u/s 10A - allowing deduction under sec.10A before setting off of brought forward depreciation and losses. - Held that:- This issue was considered and decided by the Income-tax Appellate Tribunal, Chennai Bench in favour of the assessee, in the case of M/s. Scientific Atlanta India Technology Pvt. Ltd. (2010 (2) TMI 658 - ITAT, CHENNAI). - Hon’ble Karnataka High Court has considered this issue and decided in favour of the assessee in the case of CIT & Anr. Vs. Yokogawa India Ltd. and Others, [2011 (8) TMI 845 - Karnataka High Court]. The specific question considered by the High Court is, whether or not on the facts and in the circumstances, claim under sec.10A is to be allowed on the profits of the EOU without setting off of brought forward losses of earlier years of the non EOU? The Hon’ble Karnataka High Court again has considered similar issue and arrived at the same conclusion in the case of CIT & Anr. Vs. Tata Elxsi Ltd. & Others (2011 (8) TMI 782 - KARNATAKA HIGH COURT) - Decided in favor of assessee. Excluding expenditure incurred in foreign currency both from export turnover and total turnover. This issue already stands covered by the Special Bench decision of the Tribunal in the case of ITO v. Sak Soft Ltd. (2009 (3) TMI 243 - ITAT MADRAS-D). The grounds raised in the appeals filed by the Revenue fail. - Decided against the revenue.
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