Income Tax Appellate Tribunal - Mumbai
Medusind Solutions (I) P.Ltd, Mumbai vs Department Of Income Tax on 6 September, 2013
आयकर अपील य अ धकरण, धकरण, मंुबई यायपीठ 'बी', बी मंुबई ।
IN THE INCOME TAX APPELLATE TRIBUNAL MUMBAI BENCHES "B", MUMBAI सव ी आर.एस. याल, लेखा सद य एवं ववेक वमा, या यक सद य, के सम ।
Before Shri R.S.Syal, AM and Shri Vivek Varma, JM ITA No.4849/Mum/2012 : Asst.Year 2007-2008 The Asstt.Commissioner of Income-tax M/s.Medusind Solutions (India) Circle 6(3) बनाम/ Private Limited, 22 Nirlon Complex Mumbai. Off Western Express Highway Vs. Goregaon (East), Mumbai - 400 063.
PAN : AADCM1806E (अपीलाथ /Appellant) ( यथ /Respondent) अपीलाथ क ओर से /Appellant by : Shri S.K.Singh यथ क ओर से /Respondent by : Shri Nitesh Joshi सनवाई ु क तार ख / घोषणा क तार ख / Date of Hearing : 04.09.2013 Date of Pronouncement : 06.09.2013 आदे श / O R D E R Per R.S.Syal (AM) :
This appeal by the Revenue arises out of the order passed by the Commissioner of Income-tax (Appeals) on 21.05.2012 in relation to the assessment year 2007-2008.
2. The only issue is against the granting of deduction u/s 10A prior to setting off of brought forward unabsorbed business losses. The facts apropos this ground are that the assessee claimed deduction u/s 10A before set off of unabsorbed losses from earlier years. The Assessing Officer canvassed the view that deduction u/s 10A was to be allowed after setting off of unabsorbed losses and it was only the 2 ITA No.4849/Mum/2012. M/s.Medusind Solutions (India) Pvt. Ltd.
net amount after such set off which was eligible for deduction u/s 10A. In holding so, he followed the view taken by him for assessment year 2006-2007. The learned CIT(A) overturned the assessment order and directed to allow deduction u/s 10A on the amount of eligible profit before allowing set off of brought forward unabsorbed losses. Revenue is aggrieved against the finding of the learned CIT(A).
3. After considering the rival submissions and perusing the relevant material on record, we find that the appeal of the assessee for assessment year 2006-2007 came up for adjudication before the Tribunal in ITA No.6703/Mum/2010. Vide its order dated 05.12.2012, a copy of which has been placed on record, the Tribunal has held that the past unabsorbed losses should not be set off against the eligible income for the purposes of deduction u/s 10A. In reaching this conclusion, the Bench followed the judgment of the Hon'ble jurisdictional High Court in the case of CIT v. Black and Veatch Consulting Pvt. Ltd. [(2012) 348 ITR 72 (Bom.)]. Since the facts and circumstances for the instant year are admittedly mutatis mutandis similar to those for assessment year 2006-2007, respectfully following the precedent, we uphold the impugned order.
4. प रणामतः अपील खा रज क जाती है । In the result, the appeal is dismissed.
3 ITA No.4849/Mum/2012.M/s.Medusind Solutions (India) Pvt. Ltd.
Order pronounced on this 06th day of September, 2013.
आदे श क घोषणा दनांकः को क गई ।
Sd/- Sd/-
(Vivek Varma) (R.S.Syal)
या यक सद य / JUDICIAL MEMBER लेखा सद य / ACCOUNTANT MEMBER
मंुबई Mumbai; दनांक Dated : 06th September, 2013.
Devdas*
आदे श क त ल प अ े षत/Copy
षत of the Order forwarded to :
1. अपीलाथ / The Appellant
2. यथ / The Respondent.
3. आयकर आयु (अपील) / The CIT, Mumbai.
4. आयकर आयु / CIT(A) - 15, Mumbai.
5. वभागीय त न ध, आयकर अपील य अ धकरण, मंुबई / DR, ITAT, Mumbai
6. गाड फाईल / Guard file.
ु / BY ORDER,
आदे शानसार
स या पत त //True Copy//
उप/सहायक पंजीकार (Dy./Asstt.
उप/ Registrar)
आयकर अपील य अ धकरण,
धकरण, मंुबई / ITAT, Mumbai