Dismissing the appeal of the revenue the Court held that the Tribunal was justified in directing the assessing authority not to set off the carried forward business losses of software technology parks of India unit and the current year’s loss of non-software technology parks of India unit against the profits of business before allowing deduction under S. 10A of the Act. (AY.2005-06)
CIT v. Symphony Services Corporation (I.) Pvt. Ltd. (2020)429 ITR 26 (Karn.)(HC)
S. 10A : Free trade zone-Carry forward losses of technology park unit and current year loss of non-Software technology park unit -Before allowing the deduction-Reimbursement of expenditure towards telecommunication expenses and foreign travel expenses incurred in foreign currency are to be excluded from total turnover and for computation of deduction.