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The Tax Publishers2020 TaxPub(DT) 1737 (Mad-HC) INCOME TAX ACT, 1961
Section 10B
Stage of deduction under section 10B would be while computing gross total income of eligible undertaking under Chapter IV and not at the stage of computation of total income under Chapter VI, accordingly, deduction had to be allowed without setting off brought forward unabsorbed depreciation loss of earlier years.
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Deduction under section 10B - Computation - Scope for setting off brought forward unabsorbed depreciation loss of earlier years -
Assessee claimed deduction under section 10B. AO re-computed amount deductible after setting off brought forward unabsorbed depreciation loss of earlier years.Held: Stage of deduction under section 10B would be while computing gross total income of eligible undertaking under Chapter IV and not at the stage of computation of the total income under Chapter VI. Accordingly, deduction had to be allowed without setting off brought forward unabsorbed depreciation loss of earlier years.
REFERRED :
FAVOUR : In assessee's favour.
A.Y. :
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