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2015 (1) TMI 823 - HC - Income TaxDeduction under Section 80 I - losses incurred by the industrial undertaking claiming deduction under Section 80 I, which has been already set off against the profits of the other industrial undertaking should be notionally carried forward and set off against profit generated by the industrial undertaking during the relevant assessment year - Held that:- Once the depreciation allowance and development rebate for the past assessment years were fully set off against the total income of the assessee for those assessment years, the question of carry forward the same does not arise, more so for the purpose of determining the deduction under Section 80I of the Income Tax Act. - Decided in favour of assessee.
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