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2022 (12) TMI 393 - AT - Income TaxRectification of mistake u/s 154 - Set-off of Losses of 10A Unit against the adjustment u/s 92CA and 40(a)(i) - As per AO set off of business loss being the loss of Chennai and Gurgoan undertakings, which was directed by CIT(A) to be set off, resulted into business loss being set off against the income from other sources and therefore, there is a mistake apparent from the record which needs to be rectified - Whether TP adjustment and the disallowance is question in altogether a separate adjustment/disallowance, which cannot be apportioned to a specific unit? - HELD THAT:- We have carefully considered the rival contentions and orders of the lower authorities. Fact shows that order giving effect to the order of the ld.CIT(A) was passed on 08.03.2012. According to that order, the loss incurred by the assessee was set off against other business income of ₹10,54,26,341/-. Therefore, in fact the business loss incurred by the assessee is set off against the business income of the assessee for the same year. The ld. CIT(A) has a followed three decisions of Hon’ble jurisdiction of High Court in M/S. GALAXY SURFACTANTS LTD. [2012 (3) TMI 101 - BOMBAY HIGH COURT], PATNI COMPUTER SYSTEMS LTD. [2013 (10) TMI 293 - BOMBAY HIGH COURT] and M/S. HINDUSTAN LEVER LTD. [2014 (4) TMI 1012 - BOMBAY HIGH COURT] DR could not show us any reason why the provisions of section 70 cannot be given effect to and how the order of the ld. CIT(A) is erroneous.In view of this, we confirm the order of the ld. CIT(A) and dismiss the appeal of the ld. Assessing Officer.
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