Claim for Set off of unabsorbed business loss b/f against profit of section 10A after AY 2001-02 is allowable

Brief of the case:

In this case Hon’ble Court considered question of law that whether claim for set off of unabsorbed business loss which was brought forward in subsequent AY against the profit of section 10A is allowable or not. ITAT allowed the appeal filed by the assessee and Hon’ble Court after considering the facts of the case decided that ITAT didn’t commit any error while passing the judgment.

Facts of the case:

• The Assessee is engaged in the manufacturing and export of gems jewellery and filed return of Income for AY 2005-05 after claiming the deduction under 10A.

Please become a Premium member. If you are already a Premium member, login here to access the full content.