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2022 (11) TMI 225 - AT - Income TaxExemption u/s 10B - setting off of carried forward loss against the income of the units eligible for exemption u/s. 10B - HELD THAT:- As decided in the case of Hindusthan Unilever Ltd [2010 (4) TMI 206 - BOMBAY HIGH COURT] and BLACK & VEATCH CONSULTING PVT. LTD. [2012 (4) TMI 450 - BOMBAY HIGH COURT] allowed the appeal of the assessee by directing the AO to allow as exempt u/s. 10B to the assessee and further, to allow the carry forward of unabsorbed depreciation of Rs.2,00,58,145/- as claimed by the assessee in its return. Hon’ble Supreme Court in the case of CIT Vs. Yokogawa India Ltd. [2016 (12) TMI 881 - SUPREME COURT] wherein the issue has been dealt with by the Hon’ble Supreme Court in respect of section 10A which according to the Ld. Counsel is equally applicable to cases governed by the provisions of section 10B in view of the said later provision being pari materia with section 10A of the Act though governing a different situation. We answer the appeals and the questions arising therein, as formulated at the outset of this order, by holding that though Section 10A, as amended, is a provision for deduction, the stage of deduction would be while computing the gross total income of the eligible undertaking under Chapter IV of the Act and not at the stage of computation of the total income under Chapter VI. All the appeals shall stand disposed of accordingly. Appeal of revenue is dismissed.
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