9911796707
TMI Blog2015 (5) TMI 825X X X X Extracts X X X X X X X X Extracts X X X X ..... are decided by the common order. The appeals before the Tribunal arise from the order passed by the Commissioner of Income Tax (Appeals) dated 7th September, 2010, 21st December, 2010 and 13th September, 2011 for four consecutive years. The Commissioner partly allowed the assessee's appeals against the assessment under section 143(3) of the Income Tax Act, 1961 for relevant years but the assessee was not satisfied with such relief. It, therefore, carried the matter to the Tribunal in further appeal. 2. The Revenue proposes the following question as a substantial question of law: "Whether, on the facts and in the circumstances of the case and in law, the Hon'ble Tribunal was right in holding that loss incurred in business of power ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ve years. After adjusting these losses, positive income has been determined and tax has been paid. For these years where the 80-IA unit incurred losses, there was no claim for deduction under section 80-IA by the assessee. The grievance is that the assessee by filing revised claim have also claimed these losses in section 80-IA unit as carried forward losses and eligible for adjustment against income for subsequent years in eligible unit as share profits under section 80-IA of the Income Tax Act. This is mentioned in the assessment order for the assessment year 2007-08. The argument is that the Assessing Officer had disallowed this claim of set off of loss of eligible units against the income of ineligible units in the same year. The losses ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ads as under: "80-IA (1) Where the gross total income of an assessee includes any profits and gains derived by an undertaking or an enterprise from any business referred to in sub-section (4) such business being hereafter referred to as the eligible business, there shall, in accordance with and subject to the provisions of this section, be allowed, in computing the total income of the assessee, a deduction of an amount equal to hundred per cent of the profits and gains derived from such business for ten consecutive assessment years. (2) The deduction specified in sub-section (1) may, at the option of the assessee, be claimed by him for any ten consecutive asessment years out of fifteen years beginning from the year in which the undertakin ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... has gone into and considered them, we are not obliged to go into the same given the above admitted factual background. Therefore, by clarifying that as and when this question arises and in relation to the same assessee in future, if the deduction is claimed under section 80- IA for eligible unit, then, it would be open for the Revenue to project all questions and propose them as substantial questions of law. In that event, they can raise all contentions and equally pertaining to the setting off of the said losses and in relation to the eligible section 80- IA unit from the income of the non section 80-IA ineligible unit. 7. Keeping that course open and equally the contentions of both sides, we dispose of these appeals. They do not raise a ..... X X X X Extracts X X X X X X X X Extracts X X X X
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