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2020 (7) TMI 21 - HC - Income TaxDeduction u/s 10A - slump sale - whether purchase of plant and machinery cannot be termed as new in the hands of the purchaser and accordingly, failed to satisfy the condition that not more than 20% of plant and machinery should have been previously used by any other person? - Whether the Tribunal is justified in allowing deduction under Section 10A of I.T. Act ignoring the provisions of sub Section 7A of Section 10A, which provides for continuance of benefit under Section 10A in the hands of a transferee company only in situation of demerger or amalgamation but not in a situation of slump sale? - HELD THAT:- Substantial questions of law No.1 to 3 have already been answered in favour of the assessee and against the Revenue vide judgments dated 14.11.2018 passed by a Division Bench of this Court in [2018 (11) TMI 1787 - KARNATAKA HIGH COURT] Computation of deduction u/s 10A - foreign currency expenditure to be excluded from total turnover as well for computation of deduction - Whether the Income Tax Appellate Tribunal is correct in law in holding that the deduction under Section 10A should be computed in the above manner following the judgment of jurisdictional High Court in the case of CIT Vs. Tata Elxsi Ltd. [2011 (8) TMI 782 - KARNATAKA HIGH COURT] - HELD THAT:- Substantial questions of law No.4 and 5 have already been answered by the Hon’ble Supreme Court in the case of Commissioner of Income Tax, Central III VS. HCL Technologies LIMITED [2018 (5) TMI 357 - SUPREME COURT] in favour of the assessee and against the Revenue.
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