Held that deductions under section 10B were to be made while computing gross total income of eligible undertaking under Chapter IV of Act and not at stage of computation of total income under Chapter VI of Act and accordingly, deduction under section 10B was to be excluded first from profits of year, before set-off ‘brought forward unabsorbed depreciation’ pertaining to export oriented unit. Referred PCIT v. Yokogawa India Ltd. (2017) 391 ITR 274 (SC) (AY. 2002-03 to 2005-06).
PCIT v. SKM Egg. Products Export India Ltd. (2022) 139 taxmann.com 134 (Mad.)(HC) Editorial: SLP of Revenue dismissed due to low tax effect, PCIT v. SKM Egg. Products Export India Ltd. (2022) 287 Taxman 289/ 114 CCH 190 (SC)
S. 10B : Export oriented undertakings-Gross total income-Deduction under section 10B is to be excluded first from profits of year, before set off brought forward unabsorbed depreciation pertaining export oriented unit [S. 32(2), 268A].