https://www.taxtmi.com/caselaws?id=257519 The case involved a dispute over the interpretation of Section 80 IA of the Income Tax Act, 1961 regarding deduction on profits of a new industrial unit. The Tribunal initially ruled in favor of the appellant, allowing the deduction based on the profit of the eligible industrial unit without applying the ceiling imposed by Sections 80A and 80B(5). However, the High Court, considering the Apex Court's decision emphasizing adjustments for losses against profits, set aside the Tribunal's decision and ruled in favor of the Revenue, remanding the matter for a fresh order in accordance with the law. en-us Fri, 27 Feb 2015 00:00:00 +0530 Sat, 14 Mar 2015 10:34:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=257519 The case involved a dispute over the interpretation of Section 80 IA of the Income Tax Act, 1961 regarding deduction on profits of a new industrial unit. The Tribunal initially ruled in favor of the appellant, allowing the deduction based on the profit of the eligible industrial unit without applying the ceiling imposed by Sections 80A and 80B(5). However, the High Court, considering the Apex Court's decision emphasizing adjustments for losses against profits, set aside the Tribunal's decision and ruled in favor of the Revenue, remanding the matter for a fresh order in accordance with the law. Case-Laws Income Tax Fri, 27 Feb 2015 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=257519