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C.I.T Versus Honeywell International (India) Pvt Ltd, Qualcomm India Pvt Ltd

2015 (6) TMI 100 - DELHI HIGH COURT

Set off of losses of the amorphous division against the profit of the other Units - Held that:- The Court after analyzing all the decisions was of the opinion that previous ruling in Tei Technologies (2012 (9) TMI 47 - DELHI HIGH COURT) that set off is impermissible was justified. In these circumstances, the reliance placed by the assessee, upon the aforesaid circular is unpersuasive. Decided in favour of the Revenue.

Set off of the loss claimed by the Bangalore Unit from the profit o .....

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houdhary, Advs. ORDER ITA 928/2007 1. The question of law framed in this case is as follows: "Whether ITAT was correct in law in confirming the order passed by the CIT(A) and thereby allowing the set off of losses of ₹ 2,46,93,358/- of the amorphous division of the assessee against the profit of the other Units? 2. Brief facts are that the assessee claimed set off of ₹ 2,46,93,358/- relatable to its unit entitled to exemption under Section 10A of the Income Tax Act, against the .....

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, after noting the previous legislative history of Section 10A/10B and the definition of 'total income' (Section 2(45) of the Income Tax Act) stated as follows:- "5.1 All income for the purposes of computation of total income is to be classified under the following heads of income and computed in accordance with the provisions of Chapter IV of the Act- Salaries Income from house property Profits and gains of business and profession Capital gains Income from other sources 5.2 The inc .....

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rdance with the provisions of section 71 of the Act. If after giving effect to the provisions of sections 70 and 71 of the Act there is any income (where there is no brought forward loss to be set off in accordance with the provisions of section 72 of the Act) and the same is eligible for deduction in accordance with the provisions of Chapter VI-A or section 10A, 10B etc. of the Act, the same shall be allowed in computing the total income of the assessee. 5.3 If after aggregation of income in ac .....

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