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2019 (4) TMI 369

siness income and then allowing deduction u/s 10AA - HELD THAT:- Allowability of deduction under section 10AA of the Act before setting off of unabsorbed depreciation is settled by the ratio laid down by the Apex Court in the case of CIT & Anr. Vs. M/s. Yokogawa India Ltd. [2016 (12) TMI 881 - SUPREME COURT]. The assessee is entitled to claim deduction under section 10AA of the Act before setting off of unabsorbed depreciation from business income. Hence, the ground of appeal No.2 raised by assessee is allowed. - Income from other source - interest on income tax refund which was then clubbed with income from business - HELD THAT:- Referring to the statement of total income filed for the year under consideration and the perusal of the sa .....

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he Appellant. 3. The learned AO erred in considering income from other sources at ₹ 506,539/- as against ₹ 55,244/- disclosed in the return of income, without providing any reasons whatsoever. 4. Each one of the above grounds of appeal is without prejudice to the other. 3. The learned Authorized Representative for the assessee at the outset pointed out that the issue raised vide ground of appeal No.2 is squarely covered by the order of Tribunal in the case of assessee itself for assessment year 2011-12. The ground of appeal No.1 raised by assessee is general and hence, do not need any adjudication. 4. The learned Departmental Representative for the Revenue placed reliance on the orders of authorities below. 5. The issue raised v .....

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Hon'ble Supreme Court in CIT & Anr. Vs. M/s. Yokogawa India Ltd. reported in 341 ITR 385 (SC) had held that deduction under section 10AA of the Act is to be computed / allowed before reducing the total income to the extent of unabsorbed depreciation of earlier years. 8. We find the issue of allowability of deduction under section 10AA of the Act before setting off of unabsorbed depreciation is settled by the ratio laid down by the Apex Court in the case of CIT & Anr. Vs. M/s. Yokogawa India Ltd. (supra) and also by the jurisdictional High Court in the case of Black & Veatch Consulting Pvt. Ltd. reported in 20 taxmann.com 727 (Bom). 9. The Hon'ble Supreme Court in the case of Hemasingka Siede Ltd. Vs. CIT in Civil Appeal .....

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