TMI Blog2015 (1) TMI 1309X X X X Extracts X X X X X X X X Extracts X X X X ..... ommon order passed by the Tribunal in respect of the same assessee for two assessment years, where the Tribunal upheld the orders passed by the lower authorities holding that the assessee is not eligible to carry forward unabsorbed loss and depreciation relating 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 exercisin ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... of these two years, the assessee had opted out of section 10A of the Act by invoking the provisions of the erstwhile section 10A(7). The said provision reads as under : (7) 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 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 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... .7 A special provision has been made in sub-section (7) of the new section 10A to give an option to an assessee who derives profits and gains from an industrial undertaking situated in the free trade zone not to avail of this tax concession. Such an assessee will be required to furnish a declaration in writing 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 ..... X X X X Extracts X X X X X X X X Extracts X X X X
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