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2018 (2) TMI 112 - HC - Income TaxDeduction u/s 80IA(4) and 80IA(5) - whether deduction is with reference to the profits derived from eligible business of the assessee and not with reference to the profits derived from every unit engaged in the eligible business? - Held that:- As decided in Hercules Hoists Ltd. (2017 (6) TMI 1125 - BOMBAY HIGH COURT) no error committed by the Tribunal in allowing the deduction of the profit u/s 80IB(5) of the Act without deducting the losses of the earlier years. See Velayudhaswamy Spinning Mills P. Ltd. & Sudan Spinning Mills (P). Ltd. [2010 (3) TMI 860 - Madras High Court] wherein held that only losses of the years beginning from the initial assessment year alone are to be brought forward and no losses of earlier years which were already set off against the income of assessee, can be looked into. - Decided in favour of assessee Addition u/s 40(a)(ia) on account of non-deduction of TDS on the Wheeling Charges paid to MSEB - Held that:- It is an agreed position by the parties that this issue is concluded against the Revenue and in favour of the Assessee by the decision of this Court in Commissioner of Income Tax Vs. Maharashtra State Electricity Distribution Co.Ltd [2015 (5) TMI 396 - BOMBAY HIGH COURT] Appeal is admitted on the substantial questions of law as listed at Sr.No. 1 - Whether on the facts and circumstances of the case and in law, the Tribunal was justified in holding that the interest income is not required to be excluded from the net profit declared by the Respondent for computing book profit for the purpose of determining the allowable deduction of remuneration payable to the partners under Section 40(b) of the Act?
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