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2019 (9) TMI 1546 - AT - Income TaxRevision u/s 263 - claim of deduction u/s 10A of the Act before setting off brought forward losses - HELD THAT:- Hon’ble Jurisdictional High Court in INDUSA INFOTECH SERVICES (P.) LTD. [2013 (9) TMI 1150 - GUJARAT HIGH COURT] held that the deduction u/s 10A has to be allowed before set off of unabsorbed loss and depreciation of non-eligible business unit of assessee. We find no justification in such order passed by the Learned PCIT who has not taken into consideration this particular aspect of the matter though the same was brought to his notice by the assessee by and under reply dated 21.03.2016 hence relying upon the ratio laid down above, we find no justification in the order impugned before us which has re-opened the issue u/s 263 of the Act whereas, we find that the order passed by the Learned AO is just and proper and in terms of the ratio laid down by the Jurisdictional High Court. There is nothing erroneous found in the order of the Learned AO, neither it is prejudicial to the instant of the Revenue. None of the conditions is being fulfilled by the order passed by the Learned PCIT in order to invoke the provision of section 263 of the Act in order to reopen the assessment of the appellant company. Hence, the order impugned is being devoid of any merit and thus quashed. Assessee’s appeal is allowed.
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