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2016 (3) TMI 77 - ITAT BANGALOREDeduction u/s 10A disallowed before set off of brought forward business losses - Held that:- By following the latest judgment of the Hon'ble jurisdictional High Court based on the substituted/amended provisions of sec.10A/10B which are applicable in the case of the assessee as well as the decision of the Tribunal in case of Biocon (2014 (12) TMI 838 - ITAT BANGALORE), we decide this issue in favour of the assessee and direct the AO to allow deduction u/s 10A without setting off the domestic losses. Inclusion of sale proceeds of swarf as part of export turnover for the purpose of computation of deduction u/s 10B - Held that:- Hon’ble Supreme Court in the case of Mahavir Cycle Industries vs. CIT (2016 (2) TMI 805 - SUPREME COURT) following its earlier decision in the case of CIT vs. Punjab Stainless Steel Industries (2014 (5) TMI 238 - SUPREME COURT) wherein the Hon’ble Supreme Court held that scrap generated during the course of manufacturing of main product should be included in the total turnover for the purpose of deduction u/s 10B of the Act.
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