The Commissioner of Income Tax vs GE India Technology Centre Private Limited

N. Kumar, J.—This appeal is preferred by the revenue against the order passed by the Tribunal which has held that the assessee would be entitled to set off against the losses sustained in Section 10A of the income tax Act, 1961 (for short, ''the Act'') by setting off the interest income and rental income by invoking Sections 70 and 71 of the Act. The very same question was the subject-matter of decision of this Court in the case of The Commissioner of Income Tax Ltu. Jss Towers. BSK III Stage Bangalore and The Asst.Commissioner of Income Tax Circle-12(5), C.R. Building, Queens Road, Bangalore and Others Vs. M/s. Yokogawa India Ltd., Plot No. 96, 3rd Cross Electronics City Complex, Hosur Road, Bangalore - 560 100 and Others etc. etc. . After elaborate discussion, this Court has answered the said question in favour of the assessee and against the revenue. It is submitted that the said judgment is now challenged before the Supreme Court and is pending consideration.

Learned Counsel for the revenue submitted that the judgment has no application and in fact the said judgment is to be applied in favour of the revenue. We do not find any substance in this submission. Accordingly, the appeal is dismissed with liberty to the revenue to seek for revival of this appeal in the event the judgment of the Supreme Court is rendered in their favour.