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2013 (12) TMI 893 - ITAT MUMBAIValidity of reassessment - Held that:- Following Hindustan Unilever Ltd. vs DCIT [2010 (4) TMI 206 - BOMBAY HIGH COURT] - All the four units of the assessee were eligible under section 10B - Three units had returned a profit during the course of the assessment year, while the sick unit had returned a loss. The assessee was entitled to a deduction in respect of the profits of the three eligible units while the loss sustained by the fourth unit could be set off against the normal business income - The reassessment proceedings were not valid - Decided in favour of assessee. Eligibility of loss for deduction u/s 10A - Held that:- Business losses of other units will not be set off against the profits of the undertaking engaged in export of computer 'software for the purposes of determining the allowable deduction under section 10A - Unabsorbed business loss is to be set off under section 72 and the same is not mentioned under section 29 - The deduction under section 10A in respect of the allowable unit under section 10A has to be allowed before setting off brought forwarded losses of a non-section 10A unit - Decided in favour of assessee.
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