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TMI Blog2017 (12) TMI 1125X X X X Extracts X X X X X X X X Extracts X X X X ..... the stage of computation of the total income under Chapter IV of the Act before setting off the loss, particularly in view of the circular of CBDT dated 16/07/2013 - Revision u/s 263 - Held that:- We find it appropriate to hold that the Income Tax Appellate Tribunal was justified in setting aside the order of the Commissioner of Income Tax passed under Section 263 of the Act, observing that the d ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... of the Act before setting off the loss, particularly in view of the circular of CBDT dated 16/07/2013" 2. The respondent-assessee is a limited company carrying on the business of providing Data Processing Service to its foreign customers. The assessment for the assessment year 2010-11 was concluded under Section 143(3) of the Act accepting the returned income, allowing the claim of exemption unde ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... Aggrieved by the said order of the Income Tax Appellate Tribunal, the revenue is in this appeal. 4. The learned counsel appearing for the revenue would fairly submit that, in view of the judgment passed by the Hon'ble Apex Court in Civil Petition No.8498/2013 (Disposed of on 16.12.2016), the issue involved in this appeal is no longer res integra. The Hon'ble Apex Court confirming the judgment of ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ribunal was justified in setting aside the order of the Commissioner of Income Tax passed under Section 263 of the Act, observing that the deduction under Section 10A of the Act has to be made at the stage of the Chapter IV of the Act. Accordingly, we answer the substantial question of law in favour of the assessee and against the revenue.
The appeal stands rejected. X X X X Extracts X X X X X X X X Extracts X X X X
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