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of <h1>Unabsorbed losses from non-eligible unit can't set off against eligible unit profit for deduction</h1> <h3>The Commissioner of Income Tax -10. Versus M/s. Ganesh Polychem Ltd.</h3> The Commissioner of Income Tax -10. Versus M/s. Ganesh Polychem Ltd. - TMI The Bombay High Court dismissed the appeal by the revenue for assessment year 2006-07. The court held that brought forward unabsorbed depreciation and losses of a unit not eligible for deduction under section 10B of the Act cannot be set off against the current profit of an eligible unit for computing the deduction under section 10B. The issue was concluded in favor of the assessee by a previous court decision. No costs were awarded.
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