https://www.taxtmi.com/caselaws?id=62356 The Appellate Tribunal ITAT COCHIN allowed the assessee's appeal regarding the deduction under section 80-I, holding that the Assessing Officer erred in restricting the deduction by setting off business losses from the previous year. The Tribunal emphasized that the deduction should be based solely on the profits and gains of the eligible business, as per statutory provisions, without reducing it by losses from prior assessments. The Tribunal set aside the Commissioner's order and directed the Assessing Officer to calculate the allowable deduction without considering the business loss for the assessment year 1995-96. en-us Tue, 22 Jan 2008 00:00:00 +0530 Wed, 12 Jun 2013 14:32:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=62356 The Appellate Tribunal ITAT COCHIN allowed the assessee's appeal regarding the deduction under section 80-I, holding that the Assessing Officer erred in restricting the deduction by setting off business losses from the previous year. The Tribunal emphasized that the deduction should be based solely on the profits and gains of the eligible business, as per statutory provisions, without reducing it by losses from prior assessments. The Tribunal set aside the Commissioner's order and directed the Assessing Officer to calculate the allowable deduction without considering the business loss for the assessment year 1995-96. Case-Laws Income Tax Tue, 22 Jan 2008 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=62356