TaxTMI 
TaxTMI 
2024 (11) TMI 1490
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....e matter of assessment framed by the Assessing Officer [AO] u/s. 143(3) r.w.s 92CA(4) & 144C(3) of the Income-tax Act, 1961 (hereinafter "the Act") on 28.01.2011. 2. The grounds of appeal raised by the assessee are as under: 1. The order of the Commissioner of Income Tax (Appeals) ["CIT(A)"] is contrary to law, facts and circumstances of the case. 2. Set off of unabsorbed depreciation before allowing deduction under Section 10B of the Act. 2.1 The CIT(A) erred in setting off the unabsorbed depreciation and brought forward business loss of earlier years from profits of the undertaking before allowing deduction under Section 10B of the Act. 2.2 The CIT(A) erred in confirming the adjustment made by the As....
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....0 from the export turnover while computing the deduction under Section 10B of the Act. 3.2 The CIT(A) erred in confirming the adjustment made by the AO without adjudicating the case on merits. 3.3 The CIT(A) ought not to have passed the impugned order exparte without providing sufficient opportunity of being heard to the Appellant. 3.4 The CIT(A) ought to have appreciated that the refurbishment charges is directly connected with the export activity and as such it cannot be excluded from export turnover. 4. The Appellant prays that directions be given to grant all such relief arising from the grounds of appeal mentioned supra as also all consequential relief thereto. 5. The Appellant craves leave to add, a....
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....ption under chapter-III has been settled by the Hon'ble Supreme Court in the case of CIT v. Yokogawa India Ltd. [2017] 77 taxmann.com 41 (SC), therefore the issue is settled in favour of the assessee. 7. The Ld. Departmental Representative (DR), on the other hand, has relied on the orders of lower authorities. 8. We have heard the rival submissions, and perused the materials available on record. The issue whether set off of unabsorbed depreciation and business losses are to be allowed before allowing deduction/exemption u/s. 10B of the Act has been settled by Hon'ble Supreme Court in the case of CIT v. Yokogawa India Ltd., supra, by holding that though section 10A of the Act is a provision for deduction, the stage of deduction would b....
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.... has submitted that refurbishment charges are incidental to the export activity are part of the export turnover and therefore, has been correctly included in the export turnover. The Ld. AR has relied on the decision of Hon'ble Karnataka High Court in the case of CIT v. Hewlett Packard Global Soft Ltd. [2017] 87 taxmann.com 182 (Karnataka), and the decision of Hon'ble Madras High Court in the case of Camiceria Apparels India (P.) Ltd. v. ACIT [2019] 103 taxmann.com 234 (Mad.) in support of its contention. 12. The Ld. Departmental Representative (DR), on the other hand, has relied on the orders of lower authorities. 13. We have heard the rival submissions, and perused the materials available on record. The A.O while computing the eligi....