CIT v. Himatsingike Seide Ltd.

Ocewen Financial Solutions Pvt. Ltd., Bangalore vs. DCIT, Bangalore

In the result, the appeal by the assessee is partly allowed

Bench: Shri A K Garodia & Shri George George K.

…onfirmed by the Hon’ble Supreme Court (supra). The order of the Tribunal in assessee’s own case, relied on by the ld. DR, is in favour of assessee. The Tribunal distinguished the judgment of the Hon’ble High Court in the case of CIT v. Himatsingike Seide Ltd. 286 ITR 265 and relied on the Hon’ble High Court judgment in the case of Yokogawa India Ltd. (supra) while holding that losses cannot be set off against profits of eligible unit. In view of the judgment of the Hon’ble Apex Court, we direct the AO to calculate the deduction u/s.10A/ 10AA of the Act, without setting off the brought forward losses. It is ordere…

DCIT, Bangalore vs. Ocwen Financial Solutions Pvt. Ltd., Bangalore

In the result, the appeal by the assessee is partly allowed

Bench: Shri A K Garodia & Shri George George K.

…onfirmed by the Hon’ble Supreme Court (supra). The order of the Tribunal in assessee’s own case, relied on by the ld. DR, is in favour of assessee. The Tribunal distinguished the judgment of the Hon’ble High Court in the case of CIT v. Himatsingike Seide Ltd. 286 ITR 265 and relied on the Hon’ble High Court judgment in the case of Yokogawa India Ltd. (supra) while holding that losses cannot be set off against profits of eligible unit. In view of the judgment of the Hon’ble Apex Court, we direct the AO to calculate the deduction u/s.10A/ 10AA of the Act, without setting off the brought forward losses. It is ordere…

DCIT, Bangalore vs. M/S Unisys India (P) Limited, Bangalore

Bench: Shri N.V. Vasudevan & Shri Abraham P. George

…t all. 8. Aggrieved by the order of the CIT(A), the revenue has raised ground No.3 before the Tribunal. The learned DR relied on the order of the AO and relied on the decision of the Hon’ble Karnataka High Court in the case of CIT V. Himatsingike Seide Ltd., 286 ITR 265 (Karn.) wherein it was held that losses of non STPI units should be set off against profits eligible for deduction u/s.10A of the Act. 9. The ld. counsel for the assessee submitted that exemption u/s. 10A is in the nature of exemption and not a deduction and therefore profits of 10A unit will be outside the computation of total income and theref…

M/S Unisys India Private Limited, Bangalore vs. DCIT, Bangalore

Bench: Shri N.V. Vasudevan & Shri Abraham P. George

…t all. 8. Aggrieved by the order of the CIT(A), the revenue has raised ground No.3 before the Tribunal. The learned DR relied on the order of the AO and relied on the decision of the Hon’ble Karnataka High Court in the case of CIT V. Himatsingike Seide Ltd., 286 ITR 265 (Karn.) wherein it was held that losses of non STPI units should be set off against profits eligible for deduction u/s.10A of the Act. 9. The ld. counsel for the assessee submitted that exemption u/s. 10A is in the nature of exemption and not a deduction and therefore profits of 10A unit will be outside the computation of total income and theref…