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2020 (4) TMI 396 - AT - Income TaxDeduction u/s 10AA - set off the brought forward loss and depreciation against the profit of the eligible unit - whether the deduction claimed under section 10AA of the Act has to be allowed first and thereafter set off brought forward losses and unabsorbed depreciation from remaining profit, if any, or not? - HELD THAT:- Similar issue was subject matter in appeal before the Tribunal in the case of JCIT v. Lotus Footwear Enterprises Ltd. (assessee’s sister concern), wherein, the issue was decided in favour of the assessee by following the decision in the case of CIT v. Yokogawa India Ltd. [2016 (12) TMI 881 - SUPREME COURT] - we direct the Assessing Officer to first grant deduction under section 10AA of the Act and thereafter set off from the remaining profit if any the brought forward losses and unabsorbed depreciation. Thus, the ground raised by the assessee is allowed. Computation of tax payable and levy of interest under section 234D - HELD THAT:- Referring to submission of assessee that AO has not considered the amount as already paid by the assessee on account of excess refund granted to the assessee, accordingly, we direct the Assessing Officer to verify and decide the issue afresh in accordance with law after allowing an opportunity of being heard to the assessee.
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