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2019 (3) TMI 1153 - HC - Income TaxUnabsorbed business losses to be first set off before computing deduction under Section 10A - HELD THAT:- Mere perusal of sub-section of 10A(2)(i)(c) of the Act quoted would reveal that brought forward loss of any relevant Assessment Year before 1st April 2001 is not allowed to be carried forward and set off while computing the total income for determining the deduction under Section 10A of the Act. There was no brought forward loss from the previous years upto 1st day of April 2001 and it seems that the loss said to be carried forward by the assessee to the tune of ₹ 74,17,121 pertains only to the Assessment Year 2007-2008 and not the earlier years. Therefore, we do not find any infirmity in the order passed by the learned Tribunal in allowing the said carry forward loss pertaining to the Assessment Year 2007-2008 while determining the deduction under Section 10A of the Act for the Assessment Year 2008-2009. No substantial question of law arising in this regard
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