Deduction U/s. 10B is allowed only on “undertaking” not on “whole Business”

Facts of the Case The assessee is engaged in the business of manufacture, trading and export of natural products. Assessee filed its return of income for A.Y 2010-11 on 12.10.2010 admitting income of Rs.48,85,370. But, the consolidated profits and total turnover of both the Units i.e. EOU and Trading Divisions was considered. Question of Law Whether the Revenue erred in calculating the deduction u/s 10B on the whole ‘business’ instead of whole ‘undertaking’? Contention of the Assessee The profits and turnover of the EOU only was to be considered. The assessee was having two units, one ...