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TMI Blog2015 (1) TMI 1309X X X X Extracts X X X X X X X X Extracts X X X X ..... to the assessment years when the appellant had opted out of section 10A in the said years. 2. The substantial questions of law that arise for our consideration are as under : "(1) Whether on the facts and in the circumstances of the case, the honourable Tribunal was right in law in holding that the carried forward business losses and unabsorbed depreciation of the assessment years 1998-99 and 2000-01 (during which years, the appellant had opted out of section 10A by exercising option under section 10A(7) could not be set off while computing the total income of the appellant for the impugned assessment year ? (2) Whether on the facts and in the circumstances of the case, the honourable Tribunal was right in law in not holding that the p ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... for furnishing the return of income under sub-section (1) of section 139 furnishes to the Assessing Officer a declaration in writing that the provisions of this section may not be made applicable to him, the pro visions of this section shall not apply to him for any of the relevant assessment years." 7. The newly recast section 10A substituted by the Finance Act, 2000 came into effect from April 1, 2001 in the amended provisions it is numbered as sub-section (8) found in the identical language, which reads as under : "(8) Notwithstanding anything contained in the foregoing provisions of this section, where the assessee, before the due date for furnishing the return of income under sub-section (1) of section 139 furnishes to the Assessin ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ting before the expiry of the time allowed under section 139(1) or under section 139(2), whether fixed originally or on extension, to furnish the return of income for the first assessment year for which the tax holiday under the new scheme is available to him, that the provisions of this section may not be made applicable to him and if he does so, the provisions of this section 10A will not apply to him for any of the five assessment years for which the tax holiday provisions would have normally applied to him. The dispensation has been made on the consideration that some assessees may find the general tax concessions available in relation to industries in the rest of India more attractive than the new scheme." 9. In fact, the said questio ..... X X X X Extracts X X X X X X X X Extracts X X X X
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