Section 10B Benefit Applicable Before Set Off of Unabsorbed Depreciation & Brought-Forward Losses

Chettinad Quartz Products Limited Vs ACIT (Madras High Court) Madras High Court held that benefit of section 10B of the Income Tax Act available even before setting off of unabsorbed depreciation and brought-forward losses. Accordingly, matter decided in favour of assessee. Facts- The appellant is before this Court aggrieved by the impugned order passed by the Income Tax Appellate Tribunal. The dispute pertains to availability of benefit of deduction under Section 10B of the Income Tax Act, 1961. The Appellate Tribunal had rejected the claim of the appellant vide impugned order by observing th...