M/S YOKOGAWA INDIA LTD vs. THE DEPUTY COMMISSIONER

In the result, the appeal is disposed of

Bench: ALOK ARADHE,HEMANT CHANDANGOUDAR

Section 10A applies, if such amount is credited to profit and loss account. It is submitted that clause (iii) of explanation- 1 provides for reduction the net profit by the amount of loss brought forward or unabsorbed depreciation whichever is less as per books of accounts. It is also urged that the assessee is eligible to claim the deduction