2011 (1) TMI 1113

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.....P.BALAKRISHNAN (E)   JUDGMENT   Ramachandran Nair, J.   Heard standing counsel appearing for the appellant and advocate Sri. P. Balakrishnan appearing for the respondent-assessee.   2. The question raised is whether the assessee which has not furnished declaration under Section 10B(8) opting out of exemption available to it under the said provision before filing of....

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.... claim for computation of current year's loss and the carry forward of the same in the subsequent year was allowed by the Tribunal on this ground. It is against this order the revenue has filed this appeal.   3. After hearing both sides and after going through the records, we find that respondent had forfeited the claim under Section 10B because they were debonded by the Development Commis....