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

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