The Commissioner of Income-tax LTU, Bangalore / The Asst. Commissioner of Income-tax Circle-12(1), Bangalore v. Mind Tree Ltd. (Formerly Mind Tree Consulting Private Ltd.)
|The Commissioner of Income-tax LTU, Bangalore / The Asst. Commissioner of Income-tax Circle-12(1), Bangalore
|Mind Tree Ltd. (Formerly Mind Tree Consulting Private Ltd.)
|HIGH COURT OF KARNATAKA
|Date of Order
|substantial question of law • unabsorbed depreciation • business loss
|Mr.Chythanya K.K., learned counsel for the assessee. This appeal under Section 260-A of the Income Tax Act, 1961 has been preferred by the revenue which was admitted by a Bench of this Court vide order dated 30.05.2013 on the following substantial question of law: Whether the Tribunal was correct in holding that the deduction u/s. 10B of the Act, is to be computed without setting off of brought 3 forward business loss and unabsorbed depreciation without taking into consideration the amendment to Section 10B(1) w.e.f. 01.04.2001 and recorded a perverse finding. When the matter was taken up today, learned counsel for the revenue fairly submitted that the substantial question of law has been answered against the revenue by the Supreme Court in COMMISSIONER OF INCOME-TAX Vs. YOKOGAWA INDIA LTD. 291 CTR 1. In view of the aforesaid enunciation of law, the substantial question of law framed in this appeal is answered against the revenue and in favour of the assessee.