TMI Blog2012 (8) TMI 463X X X X Extracts X X X X X X X X Extracts X X X X ..... ied to the eligible undertaking or enterprises under this section, meaning thereby that same provision would be applicable in section 80-IC. Therefore, each unit will be considered independently and adjustment of losses of Delhi Unit is not required while computing the eligible profit in respect of Baddi Unit for granting deduction u/s 80-IC. See Dewan Kraft Systems (P) Ltd(2007 (2) TMI 149 - HIGH COURT , DELHI) - Decided in favor of assessee. - ITA 745/2011 - - - Dated:- 6-8-2012 - MR. JUSTICE S. RAVINDRA BHAT, MR. JUSTICE R.V.EASWAR, JJ. For Appellant: Mr. Sanjeev Sabharwal, Sr. Standing Counsel with Mr. Puneet Gupta, Jr. Standing Counsel. For Respondent: Mr. Amit Dayal, Advocate. MR. JUSTICE S.RAVINDRA BHAT (OPEN COU ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... the case of Sona Koyo Sterling Systems Ltd. In that case, the issue relates to computation of deduction admissible under section 80I of the Act. Hon'ble High Court has considered the meaning of gross total income as explained in section 80-B(5) of the Act as well as the conditions enumerated in sub-section (6) of section 80IA of the Act. The Hon ble Court has also considered its earlier decision in the case of Dewan Kraft Systems (P) Ltd. wherein section 80-IA(5) and (7) were considered. Hon ble Court has held that sub-section (6) of section 80-I begins with a non-obstante clause, according to this section the quantum of deduction is to be computed as if the industrial undertaking were the only source of income of the assessee during the r ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... n also of Section-80 IC. This provision reads as under: 80-IA (5) Notwithstanding anything contained in /any other provision of this Act, the profits and gains of an eligible business to which the provisions of sub-section (1) apply shall, for the purposes of determining the quantum of deduction under that sub-section for the assessment year immediately succeeding the initial assessment year or any subsequent assessment year, be computed as if such eligible business were the only source of income of the assessee during the previous year relevant to the initial assessment year and to every subsequent assessment year up to and including the assessment year for which the determination is to be made. 80-IC (7) The provisions contained in s ..... X X X X Extracts X X X X X X X X Extracts X X X X
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