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TMI Blog2020 (4) TMI 396X X X X Extracts X X X X X X X X Extracts X X X X ..... T v. Yokogawa India Ltd. [2016 (12) TMI 881 - SUPREME COURT] - we direct the Assessing Officer to first grant deduction under section 10AA of the Act and thereafter set off from the remaining profit if any the brought forward losses and unabsorbed depreciation. Thus, the ground raised by the assessee is allowed. Computation of tax payable and levy of interest under section 234D - HELD THAT:- Referring to submission of assessee that AO has not considered the amount as already paid by the assessee on account of excess refund granted to the assessee, accordingly, we direct the Assessing Officer to verify and decide the issue afresh in accordance with law after allowing an opportunity of being heard to the assessee. - I.T.A. No.1655/ ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... r the assessment year 2013-14. Against the draft assessment order, the assessee filed its objection before the DRP. After considering the objections of the assessee, the DRP has confirmed to set off the brought forward loss and depreciation against the profit of the eligible unit and consequently disallowed the deduction claimed under section 10AA of the Act. Consequent to the order of the DRP, the Assessing Officer passed final assessment order by disallowing the deduction claimed under section 10AA of the Act after setting off the brought forward loss and unabsorbed depreciation. 3. On being aggrieved, the assessee is in appeal before the Tribunal against the final assessment order. By filing various case law including the decision in ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... by the Act to the individual undertaking and resultantly flows to the assessee. This is also more than clear from the contemporaneous Circular No. 794 dated 9.8.2000 which states in paragraph 15.6 that, The export turnover and the total turnover for the purposes of sections 10A and 10B shall be of the undertaking located in specified zones or 100% Export Oriented Undertakings, as the case may be, and this shall not have any material relationship with the other business of the assessee outside these zones or units for the purposes of this provision. 17. If the specific provisions of the Act provide [first proviso to Sections 10A(1); 10A (1A) and 10A (4)] that the unit that is contemplated for grant of benefit of deduction is the ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... at the stage of computation of the total income under Chapter VI. All the appeals shall stand disposed of accordingly. 5. The ld. DR could not controvert the above judgement of the Hon ble Supreme Court. Accordingly, we direct the Assessing Officer to first grant deduction under section 10AA of the Act and thereafter set off from the remaining profit if any the brought forward losses and unabsorbed depreciation. Thus, the ground raised by the assessee is allowed. 6. The next ground raised in the appeal of the assessee relates to levy of interest under section 234D of the Act. It was the submission of the ld. Counsel for the assessee that the Assessing Officer has not considered the amount of ₹.1,26,54,786/- already paid by the ..... X X X X Extracts X X X X X X X X Extracts X X X X
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