TMI Blog2010 (2) TMI 486X X X X Extracts X X X X X X X X Extracts X X X X ..... income" has been defined in section 2(45) to mean the total amount of income referred to in section 5, computed in the manner laid down in the Act. In computing the total income of the assessee, there is no basis in the provisions of section 80IA to restrict the expression to total income derived from an eligible business. Held that - Tribunal had noted that the gross total income of the assessee ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... man unit which is eligible unit, has been computed at Rs. 98.43 lakhs and if the assessee had income equivalent to or more than Rs. 98.43 lakhs deduction would be permissible to the assessee under section 80-IA to the extent of the entire profit ? (b) Whether on the facts and in the circumstances of the case, the Income-tax Appellate Tribunal was correct in law in holding that the gross total in ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... tal income of the assessee is less than the eligible profit of the Daman unit. 4. The contention of counsel appearing on behalf of the Revenue is that in computing the total income of the assessee, only the income which has been realised from the eligible business should be taken into consideration. In the present case, it is urged that as a major portion of the income of the assessee comprises ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... profits and gains derived from the eligible business in computing the total income of the assessee. The expression "gross total income" is defined by section 80B(5), for the purposes of Chapter VI-A., to mean the total income computed in accordance with the provisions of the Act before making any deduction under the Chapter. The expression "total income" has been defined in section 2(45) to mean t ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... arlier years before allowing a deduction under Chapter VI-A and if the resultant income is nil, then the assessee cannot claim a deduction under Chapter VI-A. In the present case, the Tribunal has noted that the gross total income of the assessee, after setting off the losses from all other sources of income is Rs. 14,57,200, while the profit of the eligible unit was computed at Rs. 98.43 lakhs. T ..... X X X X Extracts X X X X X X X X Extracts X X X X
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