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2008 (11) TMI 347 - HC - Income TaxClaim of deduction under section 80-I – Set off – The assessee had two units, M and G. After setting off the losses of Rs. 21,42,843 of M unit for the year of 1992-93 the assessee has the profit of Rs. 24,05,210 from M unit for the assessment year 1992-93, assessee claim the deduction under section 80-I of the Income Tax Act. In this case Patna High Court held that the Tribunal was justified in holding that the loss of the Mirza (M) unit for the assessment year 1992-93, which was taken into account in calculating the income of the assessee of the same year, was rightly carried forward for set off against the profit of the assessment year 1993-94 for the purposes of deduction under section 80-I of the Act. The appeal is dismissed. – Decision in favor of revenue – against the assessee.
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