Carry forward business losses & depreciation cannot be set off against profits of an undertaking while working out claim u/s. 10B

IN THE ITAT MUMBAI BENCH ‘A’ ASB International (P.) Ltd. versus Deputy Commissioner of Income tax, Circle-1 IT Appeal Nos. 245, 7040 to 7042 (Mum.) of 2011 [Assessment years 2005-06 to 2007-08] JUNE 29, 2012 ORDER 1. These are assessee’s appeal for assessment years 2005-06, 2006-07 and 2007-08. ITA No.245/Mum/2011 is against the order of the CIT under section 263 dated 29.3.2010 for AY 2005-06. Since AO has passed consequential order and assessee’s appeal in ITA Nos.7040 to 7042 have been contested on merits, assessee during the course of the arguments ...