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2012 (8) TMI 463 - HC - Income TaxDeduction u/s 80IC - assessee having 3 units; 2 located in Delhi and third at Baddi, Himachal Pradesh, latter being eligible for benefit u/s 80IC - Revenue contending adjustment of losses of Delhi unit against profit of Baddi unit before providing deduction u/s 80IC - Held that:- Section 80-IA(5) begins with a non-obstante clause, providing that quantum of deduction is to be computed as if the industrial undertaking were the only source of income of the assessee during the relevant years. Section-80IC(5) and Section-80IC(7) expressly provides that provisions contained in sub-section (5) and subsections (7) to (12) of section 80-IA shall, so far as may be, applied to the eligible undertaking or enterprises under this section, meaning thereby that same provision would be applicable in section 80-IC. Therefore, each unit will be considered independently and adjustment of losses of Delhi Unit is not required while computing the eligible profit in respect of Baddi Unit for granting deduction u/s 80-IC. See Dewan Kraft Systems (P) Ltd(2007 (2) TMI 149 - HIGH COURT , DELHI) - Decided in favor of assessee.
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