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TMI Blog2021 (4) TMI 416X X X X Extracts X X X X X X X X Extracts X X X X ..... For the Respondent : Mr. SP. Chidambaram JUDGMENT ( Judgment was delivered by M. Duraiswamy, J. ) Challenging the orders passed in ITA No.709/Mds/2010 in respect of the Assessment Year 2005-2006 on the file of the Income Tax Appellate Tribunal, "B" Bench, Chennai , the Revenue has filed the above appeal. 2. At the time of admission of the above appeal, the following substantial questions of ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... gains of business? (iv) Is not the finding of the Tribunal is bad especially when total income had been defined under section 2(45) wherein it refers to section 5 under which it is to be computed in the manner laid down in Income Tax Act and therefore set off of losses and unabsorbed depreciation are to be adjusted first?" 3. When the appeal is taken up for hearing, Mr.T. Ravi Kumar, learned ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... and carry forward contained in Sections 70, 72 and 74 of the Act would be a premature for application. The deduction under Section 10A therefore would be prior to the commencement of the exercise to be undertaken under Chapter VI of the Act for arriving at the total income of the Assessee from the gross total income. Ultimately, the issue has been settled with the following words of the Hon'bl ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... income by way of brought forward or carry forward the depreciation allowance of the 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. ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... e. There shall be however no order as to costs. " 4. Mr.SP.Chidambaram, learned counsel appearing for the respondent submitted that following the ratio laid down by the Hon'ble Division Bench of this court cited supra, the questions of law may be decided against the revenue and the appeal may be dismissed. 5. In view of the submissions made by the learned counsel on either side, followin ..... X X X X Extracts X X X X X X X X Extracts X X X X
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