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Section 10A/10B

This query is : Resolved 
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(Querist)
25 April 2010 Dear Experts,

My query is whether a 10A unit is required to set off its own brought forward loss or depreciation before claiming deduction under 10A/10B. To illustrate,

Assessee is eligible to claim 10A since AY 2002-03, but is incurring losses. During AY 2006-07 he makes profit.
Whether for AY 2006-07, he should first set off brought forward losses and depreciation from profits of the undertaking, or directly claim 10A benefit on the profit of the undertaking without set off?....

Kindly substantiate.
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CA Pradeep Kumar Rajput

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CA Pradeep Kumar Rajput (Expert)
25 April 2010 It is the choice of the assessee to carry setoff the carry forward loss before claiming exemption under section 10A.....
however..........
unser Section 32(2) of the Act unabsorbed depreciation can be carried forward upto N number of Years so we can take the advantage of this provision............
however we have to see the losses which can be carried forward for the limited number of years.....
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