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TMI Blog2021 (4) TMI 1240X X X X Extracts X X X X X X X X Extracts X X X X ..... ELVI For the Appellant : Mr.T. Ravi Kumar, Senior Standing Counsel For the Respondent : Mr.SP. Chidambaram COMMON JUDGMENT (M.DURAISWAMY, J.) Challenging the common order passed in I.T.A.Nos.1450/Mds/2014 and 933/Mds/2014 in respect of the Assessment Years 2006-2007 and 2009- 2010 on the file of the Income Tax Appellate Tribunal, Chennai A Bench, (for brevity, the Tribunal), the Revenue has filed the above appeals. 2. At the time of admission of the above appeals, the following substantial questions of law arose for consideration: (i) Whether on the facts and in the circumstances of the case, the Tribunal was right in law in holding that set off of brought forward losses of non eligible unit against the in ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ...... 26. In the aforesaid Judgment, the reason for such conclusion arrived at by the Hon'ble Apex Court has been explained at para 17 in unequivocal terms. The Apex Court has specifically held that, at the stage of the aggregate of the incomes under other heads, the provisions for set off 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'ble Apex Court in the said decision the stage of deduct ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... herein, would not stand in the legal scrutiny, in view of the law having been declared by the Hon'ble Apex Court. Therefore, we are of the view that, the Substantial Question of Law raised in this Appeal is covered by the said decision, therefore it can be answered accordingly. 31. In the result, the Appeal is allowed and the Substantial Question of Law raised in this Appeal is answered in favour of the Assessee and against the Revenue. 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 appeals may be ..... X X X X Extracts X X X X X X X X Extracts X X X X
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