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COMMISSIONER OF INCOME TAX, KOL-I Versus M/s. GLOSTER JUTE MILLS LIMITED.

2016 (9) TMI 63 - CALCUTTA HIGH COURT

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 aga .....

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t sections of the Income Tax Act. - In that view of the matter, we dispose of the appeal by directing that the losses shall be allowed to be set off and depreciation shall be allowed to be set off in accordance with law. - ITA 595 of 2008 - Dated .....

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d 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 .....

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e s claim for setting off Unabsorbed Depreciation and Business Loss amounting to ₹ 1,93,37,099/- and ₹ 1,01,92,186/- respectively in respect of 100% Export Oriented Unit of the assessee against the profit of other units? [ii] Whether on t .....

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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 .....

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e was exempt there was or could be no question of any set off of any loss. But the position changed when the income became deductible subsequent to the amendment. The Assessing Officer had refused to allow the losses to be set off on the basis that t .....

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mistake was repeated by the CIT(A). The learned Tribunal, however, corrected the mistake by holding that the profits and gains derived by a hundred per cent export-oriented undertaking was no longer an exemption, but was deductible. In that view of .....

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