https://www.taxtmi.com/caselaws?id=328411 The Appellate Tribunal partially allowed the appeal of the assessee, dismissing the challenge against the reopening of assessment under section 147 as it became academic. The Tribunal upheld the claim of deduction under section 10B before setting off unabsorbed depreciation/losses, emphasizing that the deduction should be computed before adjusting brought forward losses/depreciation. The decision was based on the interpretation of post-April 2001 provisions and supported by various High Court judgments. The Tribunal directed the Assessing Officer to compute the deduction accordingly, giving precedence to the jurisdictional High Court's decisions. en-us Wed, 27 Apr 2016 00:00:00 +0530 Fri, 03 Jun 2016 12:10:04 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=328411 The Appellate Tribunal partially allowed the appeal of the assessee, dismissing the challenge against the reopening of assessment under section 147 as it became academic. The Tribunal upheld the claim of deduction under section 10B before setting off unabsorbed depreciation/losses, emphasizing that the deduction should be computed before adjusting brought forward losses/depreciation. The decision was based on the interpretation of post-April 2001 provisions and supported by various High Court judgments. The Tribunal directed the Assessing Officer to compute the deduction accordingly, giving precedence to the jurisdictional High Court's decisions. Case-Laws Income Tax Wed, 27 Apr 2016 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=328411