TMI Blog2014 (12) TMI 1398X X X X Extracts X X X X X X X X Extracts X X X X ..... ion 10A has to be allowed with setting off carried forward unabsorbed loss and depreciation from earlier assessment years or current assessment year either in the case of Non-STPI Unit or in the case of very same undertaking. Considering the above said proposition of law, we are of the opinion that the assessee should succeed on the ground raised before us. Assessee s grounds are allowed. Allowability of employees contribution to PF - payments made before filing of return of income - HELD THAT:- Issue stands covered in favour of the assessee in view of the judgment of the Hon'ble Supreme Court in the case of Alom Extrusions Ltd. [ 2009 (11) TMI 27 - SUPREME COURT] , which is relevant for the proposition that after omission of the s ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... deduction and not an exemption. This was emphasised in a judgment of a Division Bench of this Court while construing the provisions of Section 10B in Hindustan Unilever Ltd Vs. Deputy Commissioner of Income Tax (2010) 325 ITR 102 at para 24. The submission of the Revenue placed its reliance on the literal reading of Section 10A under which a deduction of such profits and gains as are derived by an undertaking from the export of articles or things or computer software for a period of ten consecutive Assessment Years is to be allowed from the total income of the assessee. The deduction under Section 10A, in our view, has to be given effect to at the stage of computing the profits and gains of business. This is anterior to the application ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ons and the deduction under section 10A has to be given at the stage when the profit or gains or business are computed in the first instance. As per the judgement of the Coordinate Bench in the case of Value Process Technologies (I) P. Ltd. (supra), which is relevant for the proposition, exemption under section 10A has to be allowed with setting off carried forward unabsorbed loss and depreciation from earlier assessment years or current assessment year either in the case of Non-STPI Unit or in the case of very same undertaking. Considering the above said proposition of law, we are of the opinion that the assessee should succeed on the ground raised before us. Assessee s grounds are allowed. 5. The Revenue has raised a couple of issues i ..... X X X X Extracts X X X X X X X X Extracts X X X X
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