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2020 (9) TMI 334 - HC - Income TaxDeduction u/s 10A - Tribunal directed not to set off carry forward business losses of STPI unit and current year loss of non STPI unit against the profits of the business before allowing deduction - HELD THAT:- Substantial question of law No.1 in both the appeals is covered by a decision of this Court in 'YOKOGAWA INDIA LTD. Vs. CIT AND ORS.' [2011 (8) TMI 845 - KARNATAKA HIGH COURT] affirmed by the Supreme Court in 'CIT AND ORS. Vs. YOKOGAWA INDIA LTD.' [2016 (12) TMI 881 - SUPREME COURT]. Whether Tribunal was justified in law in holding that the reimbursement of expenditure towards telecommunication expenses and foreign travel expenses incurred in foreign currency are to be excluded from total turnover as well as for computation of deduction under Section 10A? - Second substantial question of law in both the appeals is also covered by a decision of this Court rendered in 'COMMISSIONER OF INCOME-TAX Vs. TATA ELXI LTD.' [2011 (8) TMI 782 - KARNATAKA HIGH COURT] and the aforesaid view has been affirmed by the Supreme Court in 'COMMISSIONER OF INCOME-TAX, CENTRAL-III Vs. HCL TECHNOLOGIES LTD.' [2018 (5) TMI 357 - SUPREME COURT]. Substantial questions of law framed in these appeals are answered against the revenue and in favour of the assessee.
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