The Tax Publishers2020 TaxPub(DT) 5494 (Bom-HC)

INCOME TAX ACT, 1961

Section 70 Section 10A Section 10B

Following assessee's own case being CIT v. Ganesh Polychem Ltd. [ITA No. 2083 of 2012 dt. 25-2-2013], Tribunal was justified in holding that brought forward unabsorbed depreciation and losses of the unit, the income of which is not eligible for deduction under section 10B cannot be set off against the current profit of the eligible unit for computing the deduction under section 10B.

Loss - Set-off - Whether brought forward unabsorbed depreciation and losses of unit, the income of which is not eligible for deduction under section 10B, can be set off against the current profit of the eligible unit for computing deduction under section 10B. -

Revenue was aggrieved by order of Tribunal holding that brought forward unabsorbed depreciation and losses of the unit, the income of which is not eligible for deduction under section 10B, cannot be set off against the current profit of the eligible unit for computing the deduction under section 10B. Held: Issue was concluded in favour of the assessee and against the revenue by the decision of Court in assessee's own case being CIT v. Ganesh Polychem Ltd. [ITA No. 2083 of 2012 dt. 25-2-2013]. Following the same, appeal of revenue was dismissed.

Followed:CIT v. Ganesh Polychem Ltd. [ITA No. 2083 of 2012 dt. 25-2-2013].

REFERRED :

FAVOUR : In assessee's favour.

A.Y. : 2007-08



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