https://www.taxtmi.com/caselaws?id=393670 The High Court held that the deduction under Section 10B of the Income Tax Act should be granted before setting off the brought forward unabsorbed depreciation loss. The Court found that the ITAT's decision contradicted the Supreme Court's ruling in a similar case, emphasizing that deductions under Section 10B should be made while computing the gross total income of the eligible undertaking, not at the stage of computing total income. Consequently, the High Court allowed the appeal in favor of the Assessee, setting aside the ITAT's order and restoring the Commissioner (Appeals)'s decision. en-us Wed, 18 Mar 2020 00:00:00 +0530 Sat, 21 Mar 2020 09:34:55 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=393670 The High Court held that the deduction under Section 10B of the Income Tax Act should be granted before setting off the brought forward unabsorbed depreciation loss. The Court found that the ITAT's decision contradicted the Supreme Court's ruling in a similar case, emphasizing that deductions under Section 10B should be made while computing the gross total income of the eligible undertaking, not at the stage of computing total income. Consequently, the High Court allowed the appeal in favor of the Assessee, setting aside the ITAT's order and restoring the Commissioner (Appeals)'s decision. Case-Laws Income Tax Wed, 18 Mar 2020 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=393670