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2020 (12) TMI 496 - AT - Income TaxExemption u/s 10A - claim not made by assessee in its return f income filed in the Income Tax Department - assessee-company has not furnished the prescribed report in Form No.56 along with return of income - AO denied the part of carry forward losses to be set off in the current year - HELD THAT:- Assessee as otherwise eligible for claim of deduction u/s.10A, which assessee had not claimed at the time of filing of return, because same was filed at ‘NIL’ income after setting of carried forward losses - Even though the Tribunal in the Assessment Years 2004-05 and 2005-06, has decided the issue in favour of the assessee, it will only go to enhance the losses to be carried forward and consequently the income of the assessee will reduce to nil. Once assessee’s income is liable for deduction u/s.10A for which assessee is otherwise eligible and also has made due compliance by filing Form No.56F and relevant audit report. If that is so, then claim of deduction u/s.10A is to be allowed and we do not find any legal infirmity in the order of the Ld. CIT (A) in allowing the deduction u/s.10A in the light of Form No.56F. In that case, the assessment made by the Assessing Officer will be subjected to 100% deduction u/s.10A and the assessed income would be ‘Nil’ - Decided against revenue.
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