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2020 (1) TMI 1159 - HC - Income TaxDeduction u/s 10A - computation before adjusting business loss/depreciation - Whether Tribunal was justified in not considering the Circular No. 7/DV/2013 dated 16.7.2013 of the CBDT which clarifies the position of law on the issue? - whether Tribunal was justified in holding that business loss and depreciation of the assessee were not liable for set-off against the current years' business profits? - HELD THAT:- All the three questions are covered by the decision of the Supreme Court in Commissioner of Income Tax Vs. Yokogawa India Ltd [2016 (12) TMI 881 - SUPREME COURT] as held from a reading of the relevant provisions of Section 10A it is more than clear to us that the deductions contemplated therein is qua the eligible undertaking of an assessee standing on its own and without reference to the other eligible or non-eligible units or undertakings of the assessee. The benefit of deduction is given by the Act to the individual undertaking and resultantly flows to the assessee. 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.
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