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ITAT held that the assessee is entitled to claim deduction u/s 10A prior to setting off brought forward unabsorbed depreciation and business losses. Relying on the SC ruling in CIT v. Yokogawa India Ltd, the Tribunal reiterated that although s.10A is a deduction provision, the deduction is to be allowed at the stage of computing the gross total income of the eligible undertaking under Chapter IV, not at the stage of computing total income under Chapter VI. Consequently, the AO's adjustment was held unsustainable and the Revenue's appeal was dismissed.
ITAT held that the assessee is entitled to claim deduction u/s 10A prior to setting off brought forward unabsorbed depreciation and business losses. Relying on the SC ruling in CIT v. Yokogawa India Ltd, the Tribunal reiterated that although s.10A is a deduction provision, the deduction is to be allowed at the stage of computing the gross total income of the eligible undertaking under Chapter IV, not at the stage of computing total income under Chapter VI. Consequently, the AO's adjustment was held unsustainable and the Revenue's appeal was dismissed.
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