2020 (6) TMI 724

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..... vate Limited [ 2020 (3) TMI 814 - MADRAS HIGH COURT] it has been held that, the deductions either under Section 10A or 10B would be made while computing the gross total income of the eligible undertaking (like the Assessee) under Chapter IV of the Act and not at the stage of computation of the total income under Chapter VI of the Act. Accordingly, in terms of the aforesaid judgment rendere .....

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..... puty Commissioner of Income Tax, Chennai) decided on 18.03.2020. The question of law arising in the present appeal is as under. Whether the Tribunal was right in law in holding that the carry forward loss / depreciation of one eligible unit should be set off against the profits of another eligible unit before deduction under Section 10A of the Act? 2. It was held by the Division Bench in .....

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..... earlier Assessment Years and set off the unabsorbed depreciation first and making the return Nil, thereby leaving the Assessee in a position where it could not claim any deduction under Section 10B as there was no income after set off of carry forward depreciation and unabsorbed depreciation from earlier years. 29. This method of computing the income in the present case made by the Revenue is .....

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