Allowability of deduction under section 10B of IT Act prior to setting off of depreciation allowance

RELEVANT PARAGRAPHS: 6. Having heard both the parties and having considered their rival contentions, we find that the only dispute before us is as to whether deduction u/s.10B is to be allowed prior to the set off of the depreciation allowance and whether the unabsorbed depreciation of earlier years would form part of the current year’s depreciation. It is not in dispute that the assessee is eligible for deduction u/s.10B of the Income tax Act. Section 10B is a special provision in respect of newly established 100% export oriented undertaking and reads as follows- 1OB -[1] Subject to the...