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TMI Blog2014 (1) TMI 862X X X X Extracts X X X X X X X X Extracts X X X X ..... lowed by the Assessing Officer only after setting off losses suffered by other units. Further, as per assessee, loss pertaining to earlier years should have been allowed for set off against the balance income remaining after claiming deduction under Section 10A of the Act. 2. Assessee had claimed deduction under Section 10A of the Act in respect of its unit called Office Tiger (Chennai). Its other units, Astron (Chennai) and Astron (Trivandrum), were running on loss. Against profit of Rs. 38,39,10,432/- in Office Tiger (Chennai), deduction claimed by the assessee under Section 10A was Rs. 37,93,13,860/-. Set-off of loss from other units was claimed on the balance. Assessing Officer recomputed the profits of Office Tiger (Chennai) and arriv ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... fic Atlanta India Technology Pvt. Ltd. (129 TTJ 273). 5. The Revenue has referred to a decision of the Karnataka High Court rendered in the case of CIT v. Himatasingike Seide Ltd. (286 ITR 255). 6. But in a recent decision, the Hon'ble Karnataka High Court has considered this issue and decided in favour of the assessee in the case of CIT & Anr. Vs. Yokogawa India Ltd. and Others, (2012) 246 CTR (Kar) 226. The specific question considered by the High Court is, whether or not on the facts and in the circumstances, claim under sec.10A is to be allowed on the profits of the EOU without setting off of brought forward losses of earlier years of the non EOU? The Hon'ble Karnataka High Court again has considered similar issue and arrived at the s ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... of Rs. 22,52,570/- as tax credit, could not be allowed. On a proposal made on these lines, assessee moved DRP. DRP gave a direction to the Assessing Officer to verify TDS credit and allow tax to the extent the TDS credits were uploaded by the respective deductors. The DRP also directed the assessee to pursue with all the deductors so that the TDS details were fully uploaded. Assessing Officer thereafter conducted a fresh verification and noted that the TDS shown in the system was only Rs. 40,79,699/-. In other words, he did not allow credit for Rs. 22,52,570/-. 10. Now before us, learned A.R., strongly assailing the orders of authorities below, submitted that the TDS credit of M/s Office Tiger Database Systems India Private Limited could n ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... y direction that may be necessary to carry out the scheme of amalgamation. Relevant para (2) of judgment of Hon'ble jurisdictional High Court, reads as under:- "(2) That the parties to the Scheme of Amalgamation or any other person interested shall be at liberty to apply to this Court for any directions that may be necessary in regard to carrying out this scheme of amalgamation annexed hereunder." Thus, without doubt, the scheme of amalgamation had effect from 1.4.2007. In other words, it was effective for whole of the relevant previous year. At the same time, it is to be noted that unless and until the tax deducted at source was uploaded by the deductors, it may not be possible to give credit to the assessee. Assessing Officer has no way ..... X X X X Extracts X X X X X X X X Extracts X X X X
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