2018 (10) TMI 1844

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..... CIT For the Assessee : Shri Rajiv Raghav Menon, Advocate ORDER PER S. JAYARAMAN, ACCOUNTANT MEMBER : The Revenue filed this appeal against the order of Commissioner of Income Tax (Appeals)-9, Chennai in ITA No. 330/CIT(A)-11/2013-14 dated 29.09.2017 for assessment year 2003-04. 2. The question in this appeal is at what stage the exemption claimed u/s. 10B should be computed? i.e. whether at....

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.... appeal: "1. The order of the learned CIT(A) is contrary to law, facts and circumstances of the case 2. The learned CIT(A) has erred in allowing the claim u/s.10B of Rs. 2.54 crores in its entirety 2.1 The learned CIT(A) failed to appreciate that the amount of claim ufs.1OB was arrived at by the assessee without setting off the unabsorbed depreciation loss of earlier year. 2.2 The learned ....

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.... of CIT v Yokogawa cited supra had held that profits eligible for deduction under Sec.10B would have to be computed after allowing deductions falling under Chapter IV of the Act and since the provisions Sec.32(2) relating to unabsorbed depreciation loss falls under Chapter IV, the eligible profits for deduction u/s.10B would also therefore, required to be computed after setting off the unabsorbed ....