Tata Consultancy Services Ltd, Mumbai vs Asst Cit Ltu-1, Mumbai on 6 April, 2022
127. Further, it is now settled by Hon‟ble Supreme Court in Yokogawa
India Ltd. (supra) that after amendment by Finance Act 2000 with effect
from 1-4-2001, section 10A has become a provision for deduction. Thus,
respectfully following the judicial precedents cited supra, the Assessing
Officer is directed to allow set off of losses of STP units eligible under
section 10A of the Act against the taxable business income. Accordingly,
the ground no. 5(a) raised in assessee‟s appeal is allowed. In view of the
above, no separate adjudication is required in respect of ground no. 5(b)
being alternative in nature and the same is dismissed as infructuous.