https://www.taxtmi.com/caselaws?id=408928 The ITAT, Chennai, in I.T.A.No.1196/Mds/2009, dismissed the Revenue's appeal regarding the entitlement of deduction under Section 80IA of the Income Tax Act for the Assessment Year 2006-2007. The Court upheld the Division Bench's precedent, affirming that each industrial undertaking should be treated independently for deduction purposes. Profits and losses from multiple units must be considered collectively, and only a positive resultant figure allows for a deduction claim under Chapter VIA. Consequently, the Tax Case Appeal was dismissed in favor of the assessee, with no costs incurred. en-us Mon, 21 Jun 2021 00:00:00 +0530 Sat, 26 Oct 2024 16:16:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=408928 The ITAT, Chennai, in I.T.A.No.1196/Mds/2009, dismissed the Revenue's appeal regarding the entitlement of deduction under Section 80IA of the Income Tax Act for the Assessment Year 2006-2007. The Court upheld the Division Bench's precedent, affirming that each industrial undertaking should be treated independently for deduction purposes. Profits and losses from multiple units must be considered collectively, and only a positive resultant figure allows for a deduction claim under Chapter VIA. Consequently, the Tax Case Appeal was dismissed in favor of the assessee, with no costs incurred. Case-Laws Income Tax Mon, 21 Jun 2021 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=408928