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2015 (12) TMI 1184 - HC - Income TaxDeduction u/s 10A - Tribunal holding that Section 10A is a deduction provision and not an exemption provision - Held that:- Decided in favour of the Assessee and against the Revenue by holding that the ITAT was in error in considering Section 10A of the Act to be a deduction provision. Whether brought forward losses should first be deducted from the total income of the current year and thereafter the deduction u/s 10A of the Act should be allowed? - Held that:- Brought forward losses are to be set off only after giving effect to Section 10A of the Act. The Assessee earns both exempt income as well as income which is ineligible for exemption under Section 10A of the Act. The ineligible business income will be available for adjustment of brought forward losses of the earlier years - Decided in favour of the Assessee
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