https://www.taxtmi.com/caselaws?id=418272 The Tribunal upheld the decision in CIT vs. M/s. Yokogawa India Ltd., allowing deduction u/s 10B without setting off brought forward losses. It found the Principal CIT's denial of the deduction based on R&D activity in biotechnology unjustified, emphasizing the need for consistency in granting deductions. The Tribunal quashed the revision order, deeming the assessment order invalid and highlighting the lack of merit in the revenue authorities' decisions. As a result, the Tribunal allowed the assessee's appeals, clarifying the eligibility for deduction u/s 10B and the importance of adhering to legal principles in tax assessments. en-us Thu, 10 Feb 2022 00:00:00 +0530 Fri, 11 Feb 2022 14:17:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=418272 The Tribunal upheld the decision in CIT vs. M/s. Yokogawa India Ltd., allowing deduction u/s 10B without setting off brought forward losses. It found the Principal CIT's denial of the deduction based on R&D activity in biotechnology unjustified, emphasizing the need for consistency in granting deductions. The Tribunal quashed the revision order, deeming the assessment order invalid and highlighting the lack of merit in the revenue authorities' decisions. As a result, the Tribunal allowed the assessee's appeals, clarifying the eligibility for deduction u/s 10B and the importance of adhering to legal principles in tax assessments. Case-Laws Income Tax Thu, 10 Feb 2022 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=418272