TMI Blog2014 (10) TMI 873X X X X Extracts X X X X X X X X Extracts X X X X ..... The provisions of section 10A are pari materia with the provisions of section 10B of the Act. - Decided in favour of revenue - I.T.A.No.430/Mds/2014 - - - Dated:- 16-10-2014 - DR. O.K. NARAYANAN, VICE-PRESIDENT AND SHRI CHALLA NAGENDRA PRASAD, JUDICIAL MEMBER For the Petitioner : Mr. Guru Bhashyam, JCIT For the Respondent : Mr. K.B.Muralidharan, C.A ORDER PER CHALLA NAGENDRA PRASAD , JM: This appeal is filed by the Revenue against the order of the Commissioner of Income Tax (Appeals)- I, Chennai dated 21.11.2013 for the assessment year 2008-09 arising out of the assessment order passed under section 143(3) of the Act. The only issue in the appeal of the Revenue is that Commissioner of Income Tax (Appeals) er ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... f this Tribunal in S.R.A.Systems Ltd. Vs. ACIT in ITA No.1547/Mds/2012 dated 21.02.2014. Departmental Representative submits that co-ordinate Bench of this Tribunal following the decision of the Hon ble Supreme Court in the case of M/s. Himatsingka Seide Ltd. Vs. CIT in Civil Appeal No.1501 of 2008 dated 19.9.2013 held that unabsorbed depreciation has to be set off before computing exemption allowable under section 10A of the Act. A copy of the order is placed on record and the Departmental Representative relies on the order of Hon ble Supreme Court as well as the co-ordinate Bench decision. 4. Counsel for the assessee submits that the decision of Hon ble Supreme Court in the case of M/s. Himatsingka Seide Ltd. (supra) is not applicable ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... urt of India dismissed the appeal of the assessee and has upheld the judgment of the Hon ble Karnataka High Court. The Hon ble High Court has held that the brought forward depreciation has to be adjusted against the profits of the EOU before computing the exemption allowable u/s.10B. The provisions of section 10A are pari materia with the provisions of section 10B of the Act.We find that as far as unabsorbed depreciation is concerned, the Hon ble Supreme Court of India in the case of M/s.Himatsingka Seide Ltd., Vs. CIT (supra), has up-held the findings of the Hon ble Karnataka High Court and as such, un-absorbed depreciation has to be set-off before computing the exemption allowable u/s.10A. In respect of setting-off of the brought forward ..... X X X X Extracts X X X X X X X X Extracts X X X X
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