2013 (2) TMI 742 - HC - Income Tax

Whether Tribunal was right in holding that the brought forward unabsorbed depreciation and losses of the unit,the income of which is not eligible for deduction u/s/10B of the Act cannot be set off against the current profit of the eligible unit for computing the deduction u/s.10B of the Act? - Decided in favour of assessee as relying on (CIT v. Black and Veatch Consulting Pvt. Ltd.( 2012 (4) TMI 450 - BOMBAY HIGH COURT )

Summary

The Bombay High Court dismissed the appeal by the revenue for assessment year 2006-07. The court held that brought forward unabsorbed depreciation and losses of a unit not eligible for deduction under section 10B of the Act cannot be set off against the current profit of an eligible unit for computing the deduction under section 10B. The issue was concluded in favor of the assessee by a previous court decision. No costs were awarded.