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2016 (12) TMI 446 - ITAT COCHINRevision u/s 263 - computation of deduction u/s 10B - Held that:- Admittedly, in this case, the assessee has computed the deduction u/s 10B before reducing the brought forward loss and unabsorbed deprecation. The said computation of the assessee is against the judgment in the case of CIT vs Patspin India Ltd [2011 (9) TMI 276 - KERALA HIGH COURT]. Against the judgment of the Hon’ble jurisdictional High Court in the case of CIT vs Patspin India Ltd,, a review petition was filed and the same was dismissed by the Hon’ble High Court. In the judgment rendered on the review petition, in spite of taking note of the judgment of the Hon’ble Karnataka High Court, in the case of CIT vs Yokogawa India Ltd [2011 (8) TMI 845 - Karnataka High Court ](Hon’ble Karnataka High Court judgment is in favour of the assessee), had decided the issue against the assessee. In view of the above judgment of the Hon’ble jurisdictional High Court, the computation of deduction u/s 10B by the assessee, is erroneous and the CIT is justified in invoking his revisionary jurisdiction u/s 263 of the Act. - Decided against assessee
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