2020 (1) TMI 1159

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....anding counsel, revenue for the appellant. 2. This appeal under Section 260A of the Income Tax Act, 1961 ("the Act" for short) has been preferred by the revenue against the order dated 5.5.2016 passed by the Income Tax Appellate Tribunal, Pune Bench "A", Pune ("Tribunal" for short) in Income Tax Appeal No. 1356/PN/2014 for the assessment year 2007-08.   3. Revenue has projected the foll....

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....se of Galaxy Sufactants Ltd., ITXA 3465 of 2011, this Court has held that there is no bar in Section 10A of the Act to prohibit the operation of Sections 70, 71, 72 etc unlike Section 80IA(5) or Section 80IA(6) and therefore, by that ratio business losses / depreciation have been rightly set off by the Assessing Officer prior to computing deduction u/S. 10A of the Act? 4. Mr. Suresh Kumar, lear....

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

.... "The export turnover and the total turnover for the purposes of Sections 10A and 10B shall be of the undertaking located in specified zones or 100% Export Oriented Undertakings, as the case may be, and this shall not have any material relationship with the other business of the assessee outside these zones or units for the purposes of this provision." 17. If the specific provisio....

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....mencement of the exercise to be undertaken under Chapter VI of the Act for arriving at the total income of the assessee from the gross total income. The somewhat discordant use of the expression "total income of the assessee" in Section 10A has already been dealt with earlier and in the overall scenario unfolded by the provisions of Section 10A the aforesaid discord can be reconciled by understand....