TMI Blog2022 (12) TMI 393X X X X Extracts X X X X X X X X Extracts X X X X ..... and orders of the lower authorities. Fact shows that order giving effect to the order of the ld.CIT(A) was passed on 08.03.2012. According to that order, the loss incurred by the assessee was set off against other business income of ₹10,54,26,341/-. Therefore, in fact the business loss incurred by the assessee is set off against the business income of the assessee for the same year. The ld. CIT(A) has a followed three decisions of Hon ble jurisdiction of High Court in M/S. GALAXY SURFACTANTS LTD. [ 2012 (3) TMI 101 - BOMBAY HIGH COURT] , PATNI COMPUTER SYSTEMS LTD. [ 2013 (10) TMI 293 - BOMBAY HIGH COURT] and M/S. HINDUSTAN LEVER LTD. [ 2014 (4) TMI 1012 - BOMBAY HIGH COURT] DR could not show us any reason why the provisions of ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... tioned to a specific unit.? 2. Whether in law, facts and circumstances of the case, the Ld CIT(A) was justified in directing the assessing officer to allow set off of losses which is contrary to his own earlier decision directing to carry forward of losses in the order dt.16.12.2011 effect to which was given by the assessing officer.? 3. The appellant prays that the order of the CIT(A) on the above grounds be set aside and that of the A.O. be restored. 3. The assessee also filed CO No. 2/MUM/2018 raising following grounds of appeal: 1. On the facts, and in the circumstance of the case, and the directions issued by the learned Commissioner of Income-tax (Appeals)-58 [ CIT(A)‟] to allow the set off of losses of 10A ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... claimed deduction u/s. 10A of the Act. Where assessee incurred losses, same were carried forward for set off of such loss against future business income. 6. The AO after referring matter to the learned TPO and on several other issues passed the final assessment order u/s. 143(3) of the Act on 05.01.2011 wherein setting off of the losses was disallowed. 7. The assessee preferred appeal before the CIT(A) who passed an order on 16.12.2011 wherein he directed the AO to not to set off losses of Chennai and Gurgaon unit against profits of Mumbai and Hyderabad units. The assessee filed application on 01.03.2012 for passing an appeal effect order pursuant to the direction of learned CIT(A). The learned AO passed such order on 05.03.2012. 8 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... r income. Further, there is no prohibition that adjustment of transfer pricing resulting into income, not available for such set off. Thus, CIT(A) allowed the appeal of the assessee. 12. The Assessing Officer preferred the appeal before us. The learned Departmental Representative supported the order of the ld. AO the learned AR supported the order of the ld. CIT(A). 13. We have carefully considered the rival contentions and orders of the lower authorities. Fact shows that order giving effect to the order of the ld.CIT(A) was passed on 08.03.2012. According to that order, the loss incurred by the assessee of ₹ 08,22,97,184/- was set off against other business income of ₹10,54,26,341/-. Therefore, in fact the business loss i ..... X X X X Extracts X X X X X X X X Extracts X X X X
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