TMI Blog2013 (2) TMI 711X X X X Extracts X X X X X X X X Extracts X X X X ..... f Income Tax Vs. Black and Veatch Consulting Pvt. Ltd.[2012 (4) TMI 450 - BOMBAY HIGH COURT ] as held Section 10A is a provision which is in the nature of a deduction and not an exemption - the deduction under Section 10A has to be given effect to at the stage of computing the profits and gains of business - Section 80B(5) defines for the purposes of Chapter VI-A “gross total income” to mean the t ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... es/unabsorbed depreciation of earlier years? 2. Whether in the circumstances and the facts of the case and in law, the Appellate Tribunal is right in upholding the CIT(A) s order whereby direction is given to revise the reduction of brought forward unabsorbed depreciation and business loss of earlier years and reduce the long term capital gain after giving appeal effect to the order of the asse ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... n the following manner: 4. Section 10A is a provision which is in the nature of a deduction and not an exemption. This was emphasised in a judgement of a Division Bench of this court, while construing the provisions of section 10B, in Hindustran Unilever Ltd. vs. Deputy CIT [2010] 325 ITR 102 (Bom) at paragraph 24. The submission of the Revenue placed its reliance on the literal reading of sec ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... of the Chapter, the deductions specified in sections 80C to 80U. Section 80B(5) defines for the purposes of Chapter VI-A gross total income to mean the total income computed in accordance with the provisions of the Act, before making any deduction under the Chapter. What the Revenue in essence seeks to attain is to telescope the provisions of Chapter VI-A in the context of the deduction whic ..... X X X X Extracts X X X X X X X X Extracts X X X X
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