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2010 (5) TMI 557 - ITAT BANGALOREset off of unabsorbed depreciation - Interest u/s 234B, 234C and 234D - Deduction u/s 80IA - . The carried forward losses of the eligible business are required to be set off first against the income of the subsequent years of the eligible business while determining the profits eligible for deduction under section 80-IA - since the specific provisions of section 80-IA(5) have overriding affect, the other provisions of law including section 70 on set-off of unabsorbed depreciation/business loss relied upon by the appellant is not attracted in the case of the appellant - it may appear that the carried forward loss of the eligible business were required to be set off first against the income of the subsequent years of eligible business while determining the profits eligible for deduction under section 80-IA of the Act and set-off of losses from other sources under the same head is not permissible Regarding interest - This ground of the assessee is not maintainable as charging of interest under sections 234B and 234C of the Act is mandatory and consequential in nature - levy of interest under section 234D is purely a legal ground and is chargeable, following the order of the Hon’ble ITAT, Delhi E, Special Bench in ITO v. Ekta Promoters (P.) Ltd. [2008 (7) TMI 452 - ITAT DELHI-E] - the assessee’s appeal is allowed
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