ACIT, CHENNAI vs. M/S. TVS MOTOR COMPANY LIMITED, CHENNAI

In the result, appeal of the revenue is dismissed

Bench: S/Shri Shri Chandra Mohan Garg, Judicial & Arun Khodpia & Arun Khodpia & Arun Khodpiaassessment Year : 2008-09 The The Asst. Asst. Commissioner Commissioner Of Of Vs. M/S. Tvs Motor Company Ltd., M/S. Tvs Motor Company Ltd., Income Tax, Company Circle Income Tax, Company Circle- Jayalakshmi Estates, 29 (Old Jayalakshmi Estates, 29 (Old Iii(2), New Block, 4Th Floor, 121, Iii(2), New Block, 4 No.8), Haddows Road, Chennai No.8), Haddows Road, Chennai Mahatma Mahatma Gandhi Gandhi Road, Road, Nungambakkam, Chennai Nungambakkam, Chennai Pan/Gir No.Aaacs 7032 B Aaacs 7032 B (Appellant) (Appellant .. ( Respondent Respondent) Assessee By : Shri Vikram Vijayaraghavan, Vikram Vijayaraghavan, Ar Revenue By : Dr. S.Palanikumar, Cit ( Cit (Dr) Date Of Hearing : 24 /2/ 2022 2 Date Of Pronouncement : 13/4/20 /2022 O R D E R Per C.M.Garg, Jm , Jm

capital gains, would be entitled to be set off against income from any other sources under the same head. The claim to set off the loss cannot be deferred to subsequent years as held by the Hon'ble Gujarat High Court in the case of CIT v. Milling Trading Co. P. Ltd., 211ITR 690 (Gut.). Hence, the appellant has rightly

ASSISTANT COMMISSIONER OF INCOME TAX, CHENNAI vs. COGNIZANT TECHNOLOGY SOLUTIONS INDIA PRIVATE LIMITED, CHENNAI

10B shall be of the undertaking located in\n\n- 38 -\nITA Nos.1193, 1194, 1205 to 1207,\n1262 to 1266/CHNY/2024\n\nspecified zones or 100% Export Oriented Undertakings, as the\ncase may be, and this shall not have any material relationship\nwith the other business of the assessee outside these zones or units\nfor the purposes of this provision

ASSISTANT COMMISSIONER OF INCOME TAX, CHENNAI vs. COGNIZANT TECHNOLOGY SOLUTIONS INDIA PRIVATE LIMITED, CHENNAI

10B shall be of the undertaking located in\nspecified zones or 100% Export Oriented Undertakings, as the\ncase may be, and this shall not have any material relationship\nwith the other business of the assessee outside these zones or units\nfor the purposes of this provision.”\n17. If the specific provisions of the Act provide [first proviso to\nSections

ASSISTANT COMMISSIONER OF INCOME TAX, CHENNAI vs. COGNIZANT TECHNOLOGY SOLUTIONS INDIA PRIVATE LIMITED, CHENNAI

10B shall be of the undertaking located in\nspecified zones or 100% Export Oriented Undertakings, as the\ncase may be, and this shall not have any material relationship\nwith the other business of the assessee outside these zones or units\nfor the purposes of this provision.”\n17. If the specific provisions of the Act provide [first proviso to\nSections

DCIT, CHENNAI vs. M/S. TURBO ENERGEY LIMITED, CHENNAI

In the result, the appeals of the assessee are partly allowed and the

Bench: Shri N.R.S. Ganesan & Shri D.S.Sunder Singhआयकर अपील सं./Ita No.351/Mds/2013 & Ita Nos.316 & 317/Mds/2014 िनधा"रण वष" /Assessment Year: 2007-08 & Ays 2008-09 & 2009-10

gains of the business required to be computed as per provisions of Sec.28 to 43 inclusive of 10B units and allow the deduction u/s.10B from the business income itself. There is no provision in the IT Act not to allow the set off of losses of 10B eligible units from the total income of the assessee and carry forward

DCIT, CHENNAI vs. M/S. TURBO ENERGEY LIMITED, CHENNAI

In the result, the appeals of the assessee are partly allowed and the

Bench: Shri N.R.S. Ganesan & Shri D.S.Sunder Singhआयकर अपील सं./Ita No.351/Mds/2013 & Ita Nos.316 & 317/Mds/2014 िनधा"रण वष" /Assessment Year: 2007-08 & Ays 2008-09 & 2009-10

gains of the business required to be computed as per provisions of Sec.28 to 43 inclusive of 10B units and allow the deduction u/s.10B from the business income itself. There is no provision in the IT Act not to allow the set off of losses of 10B eligible units from the total income of the assessee and carry forward

TURBO ENERGY LIMITED,CHENNAI vs. DCIT, CHENNAI

In the result, the appeals of the assessee are partly allowed and the

Bench: Shri N.R.S. Ganesan & Shri D.S.Sunder Singhआयकर अपील सं./Ita No.351/Mds/2013 & Ita Nos.316 & 317/Mds/2014 िनधा"रण वष" /Assessment Year: 2007-08 & Ays 2008-09 & 2009-10

gains of the business required to be computed as per provisions of Sec.28 to 43 inclusive of 10B units and allow the deduction u/s.10B from the business income itself. There is no provision in the IT Act not to allow the set off of losses of 10B eligible units from the total income of the assessee and carry forward

TURBO ENERGY LIMITED,CHENNAI vs. DCIT, CHENNAI

In the result, the appeals of the assessee are partly allowed and the

Bench: Shri N.R.S. Ganesan & Shri D.S.Sunder Singhआयकर अपील सं./Ita No.351/Mds/2013 & Ita Nos.316 & 317/Mds/2014 िनधा"रण वष" /Assessment Year: 2007-08 & Ays 2008-09 & 2009-10

gains of the business required to be computed as per provisions of Sec.28 to 43 inclusive of 10B units and allow the deduction u/s.10B from the business income itself. There is no provision in the IT Act not to allow the set off of losses of 10B eligible units from the total income of the assessee and carry forward

TURBO ENERGY LIMITED,CHENNAI vs. DCIT, CHENNAI

In the result, the appeals of the assessee are partly allowed and the

Bench: Shri N.R.S. Ganesan & Shri D.S.Sunder Singhआयकर अपील सं./Ita No.351/Mds/2013 & Ita Nos.316 & 317/Mds/2014 िनधा"रण वष" /Assessment Year: 2007-08 & Ays 2008-09 & 2009-10

gains of the business required to be computed as per provisions of Sec.28 to 43 inclusive of 10B units and allow the deduction u/s.10B from the business income itself. There is no provision in the IT Act not to allow the set off of losses of 10B eligible units from the total income of the assessee and carry forward

DCIT, CHENNAI vs. M/S. TURBO ENERGEY LIMITED, CHENNAI

In the result, the appeals of the assessee are partly allowed and the

Bench: Shri N.R.S. Ganesan & Shri D.S.Sunder Singhआयकर अपील सं./Ita No.351/Mds/2013 & Ita Nos.316 & 317/Mds/2014 िनधा"रण वष" /Assessment Year: 2007-08 & Ays 2008-09 & 2009-10

gains of the business required to be computed as per provisions of Sec.28 to 43 inclusive of 10B units and allow the deduction u/s.10B from the business income itself. There is no provision in the IT Act not to allow the set off of losses of 10B eligible units from the total income of the assessee and carry forward

DCIT, CHENNAI vs. TURBO ENERGY LIMITED, CHENNAI

In the result, the appeals of the assessee are partly allowed and the

Bench: Shri N.R.S. Ganesan & Shri D.S.Sunder Singhआयकर अपील सं./Ita No.351/Mds/2013 & Ita Nos.316 & 317/Mds/2014 िनधा"रण वष" /Assessment Year: 2007-08 & Ays 2008-09 & 2009-10

gains of the business required to be computed as per provisions of Sec.28 to 43 inclusive of 10B units and allow the deduction u/s.10B from the business income itself. There is no provision in the IT Act not to allow the set off of losses of 10B eligible units from the total income of the assessee and carry forward

COGNIZANT TECHNOLOGY SOLUTIONS INDIA PRIVATE LIMITED,CHENNAI vs. THE ASSISTANT COMMISSIONER OF INCOME-TAX, CENTRAL CIRCLE 1(1), CHENNAI

10B shall be of the undertaking located in\n\n- 38 -\nITA Nos.1193, 1194, 1205 to 1207,\n1262 to 1266/CHNY/2024\n\nspecified zones or 100% Export Oriented Undertakings, as the\ncase may be, and this shall not have any material relationship\nwith the other business of the assessee outside these zones or units\nfor the purposes of this provision

ASSISTANT COMMISSIONER OF INCOME TAX, CHENNAI vs. COGNIZANT TECHNOLOGY SOLUTIONS INDIA PRIVATE LIMITED, CHENNAI

10B shall be of the undertaking located in\nspecified zones or 100% Export Oriented Undertakings, as the\ncase may be, and this shall not have any material relationship\nwith the other business of the assessee outside these zones or units\nfor the purposes of this provision.”\n17. If the specific provisions of the Act provide [first proviso to\nSections

COGNIZANT TECHNOLOGY SOLUTIONS INDIA PRIVATE LIMITED,CHENNAI vs. THE ASSISTANT COMMISSIONER OF INCOME-TAX, CENTRAL CIRCLE 1(1), CHENNAI

10B shall be of the undertaking located in\nspecified zones or 100% Export Oriented Undertakings, as the\ncase may be, and this shall not have any material relationship\nwith the other business of the assessee outside these zones or units\nfor the purposes of this provision.”\n17. If the specific provisions of the Act provide [first proviso to\nSections

COGNIZANT TECHNOLOGY SOLUTIONS INDIA PRIVATE LIMITED,CHENNAI vs. THE ASSISTANT COMMISSIONER OF INCOME-TAX, CENTRAL CIRCLE 1(1), CHENNAI

10B shall be of the undertaking located in\nspecified zones or 100% Export Oriented Undertakings, as the\ncase may be, and this shall not have any material relationship\nwith the other business of the assessee outside these zones or units\nfor the purposes of this provision.”\n17. If the specific provisions of the Act provide [first proviso to\nSections

POLYHOSE INDIA RUBBER PVT. LTD.,CHENNAI vs. ACIT, CHENNAI

In the result, appeals of the assessee in ITA No

Bench: Shri N.R.S. Ganesan & Shri A. Mohan Alankamonyआयकरअपीलसं./I.T.A.Nos.3387, 3388 & 3389/Mds/2016 ("नधा"रणवष" / Assessment Years: 2008-2009, 2009-10 & 2011-12) M/S. Polyhose India (Rubber) Pvt. Vs The Asst. Commissioner Of Ltd., Income Tax, C/O. B. Sivaraman & Associates, Ca Corporate Circle-V(2), 10, E Block, Karthik Apartments, Chennai – 34. 46, Vijayaragava Road, Chennai – 600 017. Pan: Aadcp4173F (अपीलाथ"/Appellant) (""यथ"/Respondent) & आयकरअपीलसं./I.T.A.No.17/Mds/2017 ("नधा"रणवष" / Assessment Year: 2009-2010) Vs M/S. Polyhose India (Rubber) Pvt. The Deputy Commissioner Of Income Tax, Ltd., F-37 To F-42, Corporate Circle-5(2), Sipcot Industrial Park, Chennai – 34. Irungattukottai, Kanchipuram - 602105 Pan: Aadcp4173F (अपीलाथ"/Appellant) (""यथ"/Respondent) : Smt. S. Vijayaprabha, Jcit "नधा"रती क" ओर से /Assessee By : Shri S. Sridhar, Advocate राज"व क" ओर से /Revenue By : 26.09.2017 सुनवाईक"तार"ख/Date Of Hearing : 22.11.2017 घोषणाक"तार"ख /Date Of Pronouncement

gains. At that stage the aggregate of the incomes under other heads and the provisions for set off and carry forward contained in Sections 70, 72 and 74 of the Act would be premature for application. The & ITA No.17/Mds/2017 deductions under Section 10A therefore would be prior to the commencement of the exercise to be undertaken under Chapter

POLYHOSE INDIA RUBBER PVT. LTD.,CHENNAI vs. ACIT, CHENNAI

In the result, appeals of the assessee in ITA No

Bench: Shri N.R.S. Ganesan & Shri A. Mohan Alankamonyआयकरअपीलसं./I.T.A.Nos.3387, 3388 & 3389/Mds/2016 ("नधा"रणवष" / Assessment Years: 2008-2009, 2009-10 & 2011-12) M/S. Polyhose India (Rubber) Pvt. Vs The Asst. Commissioner Of Ltd., Income Tax, C/O. B. Sivaraman & Associates, Ca Corporate Circle-V(2), 10, E Block, Karthik Apartments, Chennai – 34. 46, Vijayaragava Road, Chennai – 600 017. Pan: Aadcp4173F (अपीलाथ"/Appellant) (""यथ"/Respondent) & आयकरअपीलसं./I.T.A.No.17/Mds/2017 ("नधा"रणवष" / Assessment Year: 2009-2010) Vs M/S. Polyhose India (Rubber) Pvt. The Deputy Commissioner Of Income Tax, Ltd., F-37 To F-42, Corporate Circle-5(2), Sipcot Industrial Park, Chennai – 34. Irungattukottai, Kanchipuram - 602105 Pan: Aadcp4173F (अपीलाथ"/Appellant) (""यथ"/Respondent) : Smt. S. Vijayaprabha, Jcit "नधा"रती क" ओर से /Assessee By : Shri S. Sridhar, Advocate राज"व क" ओर से /Revenue By : 26.09.2017 सुनवाईक"तार"ख/Date Of Hearing : 22.11.2017 घोषणाक"तार"ख /Date Of Pronouncement

gains. At that stage the aggregate of the incomes under other heads and the provisions for set off and carry forward contained in Sections 70, 72 and 74 of the Act would be premature for application. The & ITA No.17/Mds/2017 deductions under Section 10A therefore would be prior to the commencement of the exercise to be undertaken under Chapter

POLYHOSE INDIA RUBBER PVT. LTD.,CHENNAI vs. ACIT, CHENNAI

In the result, appeals of the assessee in ITA No

Bench: Shri N.R.S. Ganesan & Shri A. Mohan Alankamonyआयकरअपीलसं./I.T.A.Nos.3387, 3388 & 3389/Mds/2016 ("नधा"रणवष" / Assessment Years: 2008-2009, 2009-10 & 2011-12) M/S. Polyhose India (Rubber) Pvt. Vs The Asst. Commissioner Of Ltd., Income Tax, C/O. B. Sivaraman & Associates, Ca Corporate Circle-V(2), 10, E Block, Karthik Apartments, Chennai – 34. 46, Vijayaragava Road, Chennai – 600 017. Pan: Aadcp4173F (अपीलाथ"/Appellant) (""यथ"/Respondent) & आयकरअपीलसं./I.T.A.No.17/Mds/2017 ("नधा"रणवष" / Assessment Year: 2009-2010) Vs M/S. Polyhose India (Rubber) Pvt. The Deputy Commissioner Of Income Tax, Ltd., F-37 To F-42, Corporate Circle-5(2), Sipcot Industrial Park, Chennai – 34. Irungattukottai, Kanchipuram - 602105 Pan: Aadcp4173F (अपीलाथ"/Appellant) (""यथ"/Respondent) : Smt. S. Vijayaprabha, Jcit "नधा"रती क" ओर से /Assessee By : Shri S. Sridhar, Advocate राज"व क" ओर से /Revenue By : 26.09.2017 सुनवाईक"तार"ख/Date Of Hearing : 22.11.2017 घोषणाक"तार"ख /Date Of Pronouncement

gains. At that stage the aggregate of the incomes under other heads and the provisions for set off and carry forward contained in Sections 70, 72 and 74 of the Act would be premature for application. The & ITA No.17/Mds/2017 deductions under Section 10A therefore would be prior to the commencement of the exercise to be undertaken under Chapter