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2016 (11) TMI 1371 - SCH - Income TaxDeduction u/s 80IA - Calculation of the profits from the eligible business - Deduction of losses set off against the profits from other business is to be taken into consideration as held by Tribunal - HC [2015 (4) TMI 678 - KARNATAKA HIGH COURT] held once the set off is taken place in earlier year against the other income of the assessee, the Revenue cannot rework the set off amount and bring it notionally - Held that:- Special leave petition (titled “Assistant Commissioner of Income Tax, Tirupur vs. M/s. Velayudhaswamy Spinning Mills P.Ltd [2016 (11) TMI 373 - SUPREME COURT ] and connected cases filed against the judgment of the Madras High Court has been dismissed. The present case which pertains to a contrary view expressed by the Karnataka High Court will, nevertheless, require a detailed examination as the order of the Court dismissing the special leave petition does not contain any reasons therefor.Hence, we grant leave.
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