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2016 (9) TMI 63 - CALCUTTA HIGH COURT

2016 (9) TMI 63 - CALCUTTA HIGH COURT - TMI - Claim for setting off Unabsorbed Depreciation and Business Loss - Whether ITAT was justified in law in allowing the assessee’s claim for setting off Unabsorbed Depreciation and Business Loss in respect of 100% Export Oriented Unit of the assessee against the profit of other units? - Held that:- The learned Tribunal passed a right order. But it would have been better, if the learned Tribunal had clarified that the set off was to be allowed in the orde .....

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nge in the appeal is a judgment and order dated 28th March, 2008 passed by Income Tax Appellate Tribunal D Bench, Kolkata in ITA No.1658/Kol/2007 pertaining to the assessment year 2004-05 by which the learned Tribunal allowed an appeal preferred by the assessee. The aggrieved revenue has come up in appeal. The following questions of law were formulated on 13th August, 2008 when the appeal was admitted: [i] Whether on the facts and in the circumstances of the case the Income Tax Appellate Tribuna .....

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rred in holding that the assessee s claim for setting off loss arising from unit covered under Section 10B with the profit of the other business ? Section 10B underwent an amendment with effect from 1st April, 2001. Prior to 1st April, 2001, profits and gains derived by a hundred per cent export-oriented undertaking were exempt from payment of tax for a specified number of years. By the amendment the profits and gains derived by a hundred per cent export-oriented undertaking became deductible fr .....

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