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2015 (2) TMI 718 - BOMBAY HIGH COURTEntitlement to deduction under section 80HHB - Tribunal held that the assessee was entitled to deduction in respect of each project instead of netting up of profits from all the overseas projects and thus directing AO to allow the deduction without setting off the loss suffered in other foreign projects - Held that:- The Tribunal has decided the matter essentially in the light of the facts and material placed before it. In such circumstances, and considering the provision in question and the order of the Tribunal, we do not think that the Appellate Tribunal was in error in holding that the assessee was entitled to the deduction under section 80HHB in respect of each project instead of netting up of profits from all the overseas projects. In such circumstances, the Tribunal was in no error in directing the Assessing Officer to allow the deduction as claimed by the assessee without setting off all the losses suffered in other foreign projects. See CIT v. Canara Workshops P. Ltd. [1986 (7) TMI 5 - SUPREME Court] - Decided in favour of assessee.
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