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2015 (10) TMI 585 - AT - Income TaxClaim for deduction u/s. 10B allowed without setting off the brought forward losses - CIT(A) allowed claim of assessee as relying on case of Yokogawa India Ltd. [2011 (8) TMI 845 - Karnataka High Court] - Held that:- As already seen, in Yokogawa India Ltd. (supra), it was held that even after s. 10A/10B were converted into a “deduction” provision w.e.f 1.4.2001, the benefit of relief u/s 10A/10B is in the nature of “exemption” with reference to “commercial profits” and that as the income of the s. 10A unit has to be excluded at source itself before arriving at the gross total income, the question of setting off the loss of the current year’s or the brought forward business loss (and unabsorbed depreciation) against the s. 10A profits does not arise. Therefore the decision of the Hon’ble Karnataka High Court in the case of Himatasingike Seide (2006 (8) TMI 125 - KARNATAKA High Court) will not apply to the facts of the present case. In view of the aforesaid decision of the Hon’ble Karnataka High Court in the case of Yokogawa India Ltd. (supra), we are of the view that there is no merit in this appeal by the Revenue. - Decided against revenue
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