2012 (5) TMI 701

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....Assessee is against the order of the CIT-I, Hyderabad dated 27//01/2010, passed u/s 263 for the assessment year 2005-06. 2. The CIT observed that assessment was completed vide order dated 29/12/2008 u/s 143(3) of the Act, for the AY 2005-06 was erroneous as well as prejudicial to the interests of the revenue, therefore, a show cause notice was issued vide letter dated 22/09/2010 pointing out th....

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....gawa India Ltd (226 CTR 226) wherein it has been held that income of the 10A unit should be removed at the source itself and not after computing the Total income. Hence the income eligible for exemption u/s 10A would not enter into computation as the same has to be deducted at the source level. Therefore the loss of a non 10A unit cannot be set off against the income of the 10A unit. 5. The Spe....