TMI Blog2013 (3) TMI 646X X X X Extracts X X X X X X X X Extracts X X X X ..... hat the assessee has claimed deduction u/s. 10B of the Act amounting to ₹ 1,10,01,339/-. The AO further noted that there was unabsorbed loss on account of depreciation pertaining to A.Y. 2008-09, which has not been set off by the assessee before claiming deduction under Section 10B. Accordingly the assessee was asked to explain as to why the unabsorbed depreciation pertaining to A.Y. 2008-09 should not be set off against the business profits of the year before granting exemption under Section 10B and for this purpose the AO placed reliance on the order of the Special Bench of the Tribunal in the case of Jewellery Solutions Private Limited (2009) 28 SOT 405. It was contended before the AO that the Hon ble Karnataka High Court in the ca ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... rd depreciation has to be adjusted before granting exemption under Section 10B. All these decisions have been mentioned in the order of learned CIT(A). Now, the assessee is in appeal here before the Tribunal. 5. The contentions raised before the lower authorities, were reiterated by the learned AR here before the Tribunal. It was further submitted that the Hon ble Karnataka High Court has decided the issue in favour of the assessee. It was further submitted that in a latest decision, the Hon ble Delhi High Court in the case of CIT Vs. TEI Technologies (P) Ltd., reported in [2012] 210 TAXMAN 237 (DEL), has decided the issue in favour of the assessee. The decision of the Hon ble Karnataka High Court in the case of Yokogawa India Limited (s ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... d loss of another unit cannot be set off for the purpose of granting exemption under Section 10B. The Mumbai Bench in the case of Ganesh Polychem Limited Vs. ITO, decided in ITA No.8515/Mum/2010, for the assessment year 2006-07, vide order dated 10-8-2012, has allowed the issue in favour of the assessee following the decision of the Hon ble jurisdictional High Court in the case of Black Veatch Consulting (P) Ltd. (supra). This decision is latest decision, therefore, in my view, this decision is liable to be considered. Moreover, the Hon ble Karnataka High Court in the case of Yokogawa India Limited (supra), is directly on the issue whereby it has been held that the brought forward loss on account of depreciation etc. cannot be set off for ..... X X X X Extracts X X X X X X X X Extracts X X X X
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