Bombay HC upholds assessee's deduction under Section 10B for AY 2007-08.

The Bombay HC dismissed the Revenue's appeal for AY 2007-08 on deduction under Section 10B without setting off unabsorbed depreciation and brought forward business losses, as previously decided in favor of the assessee for AY 2006-07. Appeal dismissed with no costs.

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The Bombay High Court dismissed the Revenue's appeal for assessment year 2007-08 regarding deduction under Section 10B without setting off unabsorbed depreciation and brought forward business losses. The issue was already decided in favor of the assessee for the previous assessment year 2006-07. The appeal was dismissed with no costs.

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