TMI Blog2015 (7) TMI 1185X X X X Extracts X X X X X X X X Extracts X X X X ..... I (6) of the I.T. Act and the deduction has to be computed as if the industrial undertaking was the only source of income of the assessee. It is only those industrial undertakings which have a profit or gain which have to be considered for computing the deduction. The loss making industrial undertaking would not come into the picture at all. The loss of one such industrial undertaking cannot be set off against the profit of another such industrial undertaking to arrive at a computation of the quantum of deduction that is to be allowed to the assessee u/s 80-I (1). As subsection (5) of section 80-IA is almost identically worded as section 80-I(6) CIT(A) therefore correctly applied the law laid down by the Hon’ble Delhi High Court in the ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... The Ld. AR of the assessee at the outset has stated that the above legal issue raised by the revenue is squarely covered in favour of the assessee by various decisions of the Tribunal as well by that of the Delhi High Court in the case of Sona Koyo Steering Systems Ltd. 230 CTR 251 wherein the Hon ble High court has held that S. 80-I deduction is allowable without setting off loss of other units as each unit is to be treated as a separate and independent unit u/s 80-I (6) of the I.T. Act and the deduction has to be computed as if the industrial undertaking was the only source of income of the assessee. It is only those industrial undertakings which have a profit or gain which have to be considered for computing the deduction. The loss maki ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ) has also relied on the decision of the co-ordinate bench of this Tribunal in the case of Meera Cotton Synthetic Mills Ltd. [2009] 29 SOT 177(Mum.) wherein the Tribunal has also held that deduction u/s 80IB is to be allowed with reference to profits of a particular undertaking and that the loss suffered in other eligible unit of the assessee can not be set off against the profits of eligible unit in question while calculating the amount of deduction u/s 80IB of the Act. 6. The Ld. DR has not brought to our knowledge any law contrary to the above stated proposition. We therefore do not find any infirmity in the order of the CIT(A) in relation to his findings on the above stated legal issue and the same are accordingly upheld. 7. The ..... X X X X Extracts X X X X X X X X Extracts X X X X
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