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2014 (1) TMI 1492 - HC - Income TaxWhether deduction u/s 10A be allowed without adjustment of losses of other units and without adjustment of brought forward losses and/or its depreciation - Held that:- Decision in Commissioner of Income Tax Vs. Black and Veatch Consulting Pvt. Ltd. [2012 (4) TMI 450 - BOMBAY HIGH COURT] followed - Deduction section 10A under of such profits and gains as are derived by an undertaking from the export of articles or things or computer software for a period of ten consecutive assessment years is to be allowed from the total income of the assessee - The deduction under section 10A, has to be given effect to at the stage of computing the profits and gains of business - This is anterior to the application of the provisions of section 72 which deals with the carry forward and set off of business losses - Decided against Revenue. Whether the income and expenditure of eligible undertaking u/s. 10A be allowed while computing the book profit u/s 115JB - Held that:- As per the provisions existing prior to 1st April 2007, the explanation to Section 115JB referring to the term “Book Profit” included the expenditure and income relatable to any income to which section 10A or section 10B applied for the purpose of increase in the book profit and the income itself for the purpose of decreasing the book profit - It is precisely therefore that the CIT [A] has given a direction for working out the book profit of the assessee by applying the said formula - This is in consonance with the provisions of Section 115JB as it stood at the relevant time - The said provision was materially changed, by the Finance Act, 2007 w.e.f. 1st April, 2008 – Decided against Revenue.
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