High Court Rules Against Revenue's Method of Income Calculation, Assessee Entitled to Section 10B Deductions Despite Depreciation Offsets.

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....Deduction u/s 10B - Here in the case in hand, the total income was first arrived at by the Revenue through the AO in the Assessment Order by computing the total income by way of brought forward or carry forward the depreciation allowance of the earlier AYs and set off the unabsorbed depreciation first and making the return Nil, thereby leaving the Assessee in a position where it could not claim any deduction u/s 10B as there was no income after set off of carry forward depreciation and unabsorbed depreciation from earlier years. - This method of computing the income is totally against the said law - HC....