TMI Blog2013 (5) TMI 44X X X X Extracts X X X X X X X X Extracts X X X X ..... ] - Held that:- following the decision in Commissioner of Income Tax, LTU, V/s. M/s. Yokogawa India Ltd., [2011 (8) TMI 845 - Karnataka High Court] and in view of the fact that no substantial question of law arises for consideration in this appeal, the additional question with regard to the jurisdiction under Section 263 of the Revisional Authority becomes purely academic and therefore, that question is not answered. - Decided against the revenue. - ITA No. 361/2009 - - - Dated:- 4-3-2013 - N. Kumar and B. Manohar, JJ For the Appellant K.V. Aravind . For the Respondent P. Dinesh, Adv. and S. Parthasarathi. JUDGEMENT:- 1. The Revenue has preferred this appeal against the order passed by the Income Tax Appellate Tribunal ho ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... le in law and therefore, it held that the Revisional Authority was not justified in modifying the order of the Assessing Officer when the Assessing Officer has taken a view which is permissible in law. In fact the said question arose for consideration before this Court in the case of the Commissioner of Income Tax, LTU, V/s. M/s. Yokogawa India Ltd., in ITA No.78/2011 and connected appeals disposed of on 9th August 2011. After considering the relevant provisions of law and the decisions of various Courts, this Court held as under: "29. After making all such computations the assessee would be entitled to the benefit of set off or carry forward of loss as provided under Section 72 of the Act. That is the benefit which is given to the ass ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ee to opt in and opt out of Section 10-A. In the year when the assessee has opted out, the normal provisions of the Act would apply. The profits derived by him from the STP undertaking would suffer tax in the normal course subject to various provisions of the Act including those of Chapter VI-A. If in such a year, the assessee has suffered losses, such losses would be subject to inter source and inter head set off. The balance if any thereafter can be carried forward for being set off against profits of the subsequent assessment years in the normal course. Unabsorbed depreciation also merits a similar treatment. 31. As the income of 10-A unit has to be excluded at source itself before arriving at the gross total income, the loss of non ..... X X X X Extracts X X X X X X X X Extracts X X X X
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