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2016 (2) TMI 293 - AT - Income TaxAdjustment of total turnover while allowing deduction u/s. 10B - Held that:- In light of the decisions in CIT v. Tata Elxsi Ltd., [2011 (8) TMI 782 - KARNATAKA HIGH COURT ] and CIT v. Samsung Electronics Co. Ltd. (2011 (11) TMI 429 - KARNATAKA HIGH COURT) it is very clear that, the deduction claimed u/s 10B should not be restricted by not reducing the freight and forwarding and insurance from total turnover. Hence we direct the AO to follow the decision of the Karnataka High Court in Tata Elxsi Ltd.[supra] and reduce the freight & forwarding and insurance expenses from total turnover. Set-off of losses other than EOU against profits of EOU - Held that:- Following the decision of the Hon’ble jurisdictional High Court in the case of CIT v. Yokogawa India Ltd., [2011 (8) TMI 845 - Karnataka High Court ], the addition made by the AO in this regard and upheld by the DRP is deleted as setting off business loss and unabsorbed depreciation of other undertakings against profits of the EOU undertakings for the purpose of determining the deduction u/s. 10B of the I.T. Act is erroneous. Transfer Pricing adjustment in respect of interest on loan given to subsidiary company - Held that:- Respectfully following the decision of this Tribunal in assessee’s own case for the AY 2008-09, interest charged on loan given to Australian subsidiary is deleted. Relief u/s. 91 - Credit for Dividend Distribution Tax - rectification - Held that:- We direct the Assessing Officer to consider this issue and pass appropriate orders on the rectification application filed by the assessee before him
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