https://www.taxtmi.com/caselaws?id=69472 The ITAT allowed the assessee's appeal, permitting the set off of business losses and unabsorbed depreciation against profits eligible for deduction under s. 10B of the IT Act, 1961, contrary to the CIT(A)'s disallowance. It directed the AO to verify the exclusion of reimbursement in foreign exchange for s. 10B deduction and reconsider the disallowance of expenses as business expenditure for the STP Scheme unit. The ITAT clarified that s. 10B(6) applies only in the last year of deduction and upheld the Department's appeal regarding directions for subsequent years. en-us Fri, 22 Jun 2007 00:00:00 +0530 Thu, 08 Feb 2024 10:41:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=69472 The ITAT allowed the assessee's appeal, permitting the set off of business losses and unabsorbed depreciation against profits eligible for deduction under s. 10B of the IT Act, 1961, contrary to the CIT(A)'s disallowance. It directed the AO to verify the exclusion of reimbursement in foreign exchange for s. 10B deduction and reconsider the disallowance of expenses as business expenditure for the STP Scheme unit. The ITAT clarified that s. 10B(6) applies only in the last year of deduction and upheld the Department's appeal regarding directions for subsequent years. Case-Laws Income Tax Fri, 22 Jun 2007 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=69472