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2014 (12) TMI 1398 - AT - Income TaxComputation of deduction u/s 10A - setting off carried forward unabsorbed loss and depreciation from earlier assessment years or current assessment year - HELD THAT:- As provisions of section 10A are in the nature of deductions and not exemptions and the deduction under section 10A has to be given at the stage when the profit or gains or business are computed in the first instance. As per the judgement of the Coordinate Bench in the case of Value Process Technologies (I) P. Ltd. [2013 (1) TMI 802 - ITAT MUMBAI] which is relevant for the proposition, exemption under section 10A has to be allowed with setting off carried forward unabsorbed loss and depreciation from earlier assessment years or current assessment year either in the case of Non-STPI Unit or in the case of very same undertaking. Considering the above said proposition of law, we are of the opinion that the assessee should succeed on the ground raised before us. Assessee’s grounds are allowed. Allowability of employees contribution to PF - payments made before filing of return of income - HELD THAT:- Issue stands covered in favour of the assessee in view of the judgment of the Hon'ble Supreme Court in the case of Alom Extrusions Ltd. [2009 (11) TMI 27 - SUPREME COURT], which is relevant for the proposition that after omission of the second proviso to section 43B the payments made before filing of return of income is an allowable deduction. Accordingly, considering the fact that the payment is made within the grace period the conclusion drawn by the CIT(A) in this regard is fair and reasonable and it does not call for any interference. Therefore, ground No. 1 is rejected.
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