2018 (5) TMI 150

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.... (SERVED) DAY, S.SUJATHA J., JUDGMENT This appeal is filed by the revenue challenging the order passed by the Income Tax Appellate Tribunal, Panaji Bench, Panaji ('the Tribunal' for short) in ITA No.265/PNJ/2015, dated 19.08.2015 relating to the assessment year 2010-11, whereby the appeal filed by the respondent-assessee has been partly allowed. 2. The respondent-assessee is a limited ....

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....n under Section 10AA before setting-off of brought forwarded loss and (iii) computation of deduction under Section 10AA of the Act, after taking into account the disallowance under Section 40(a)(ia) of the Act. On appeal before the Tribunal, the Tribunal while upholding the order under Section 263 of the Act, has gone into the merits of the case and held that the Assessing Officer is in consonance....

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....s Court placing reliance on the judgment of the Hon'ble Apex Court reported in 2017 (2) SCC 1 in the case of Commissioner of Income Tax and others V/s Yokogowa India Limited has held that the stage of deduction under Section 10A of the Act would be while computing the gross total income of the eligible undertaking under Chapter IV of the Act and not at the stage of computation of the total income ....