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2018 (8) TMI 2011 - ITAT SURATDeduction u/s 80IB - Calculation on the gains derived for such undertaking and same cannot exceeded the profit derived for said undertaking - HELD THAT:- We also observe that in the case of decision of ACIT v. Goldmine Shares & Stock Finance Pvt. Ltd. [2008 (4) TMI 405 - ITAT AHMEDABAD] it has been held that the deduction would be limited to gross total income. Therefore, the reliance by the assessee is misplaced as the said decision pertained to brought forward losses and depreciation and not carry forward of unabsorbed deduction under section 80IB. Thus, the facts of said case are entirely different as in the case of the assessee it has claimed set-off of unabsorbed profit of eligible business, which cannot be carry forward and set-off against the profits on non eligible unit in subsequent assessment years - in our humble understanding of provisions of the Act and considering the provision of section 72 of the Act. We are of the view that the CIT (A) has justified in refusing the claim of the assessee.
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