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TMI Blog2019 (3) TMI 1153X X X X Extracts X X X X X X X X Extracts X X X X ..... essment Year 2007-2008 and not the earlier years. Therefore, we do not find any infirmity in the order passed by the learned Tribunal in allowing the said carry forward loss pertaining to the Assessment Year 2007-2008 while determining the deduction under Section 10A of the Act for the Assessment Year 2008-2009. No substantial question of law arising in this regard - Tax Case Appeal No.184 of 2019 - - - Dated:- 26-2-2019 - Dr. Justice Vineet Kothari And Mr. Justice C.V. Karthikeyan For the Appellant : Mr.T.Ravikumar Senior Standing Counsel JUDGMENT DR.VINEET KOTHARI, J. The Revenue has filed this Tax Case (Appeal) under Section 260-A of the Income Tax Act, by raising the following purported substantial questions of l ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 4 ITR 719 and therefore, as far as Freight and Insurance expenses are concerned, they have to be excluded from the Export Turnover and also from the Total Turnover while computing deduction under Section 10A of the Act. He, therefore, does not want to press those two questions. 3. As far as the third question of law is concerned, the learned counsel for the Appellant/Revenue relied upon the the decision of the Karnataka High Court in Commissioner of Income Tax v. Himatasingike Seide Ltd. ((2006) 156 Taxman 151 (Kar.)), as affirmed by the Hon'ble Supreme Court in Himatsingka Seide Ltd. v. Commissioner of Income Tax ((2014) 48 Taxmann.com 357 (SC)) while dismissing the SLP filed by the Assessee against the aforesaid decision of th ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... economic zone; (ii) it is not formed by the splitting up, or the reconstruction, of a business already in existence: 6. The purpose of such a provision is to avoid carry forward and set off of old brought forward losses prior to the Assessment Year 2001-2002. The findings of the learned Assessing Authority in this regard in para 6 and 7 in the present case are quoted below for ready reference:- 6. Set Off of brought forward losses of A.Y.2007-08: The assessee has set off the brought forward business losses of A.Y. 2007-08 to the tune of ₹ 74,17,121/- from the profit derived after the claim of deduction under Section 10A during the current year. As per the assessment order for the A.Y. 2007-08, it is determined ..... X X X X Extracts X X X X X X X X Extracts X X X X
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