https://www.taxtmi.com/caselaws?id=415253 The High Court of Bombay held that losses should be set-off against profits of the industrial undertaking before granting deductions under Sections 80HH and 80I of the Income Tax Act, 1961, in line with Section 80AB. Relying on a previous Apex Court judgment, the High Court concluded that the principles discussed in that case apply to the sections in question. Despite the observation being obiter, the High Court deemed it binding and ruled in favor of the respondent, disposing of the appeal without costs. en-us Thu, 18 Nov 2021 00:00:00 +0530 Wed, 01 Dec 2021 08:50:04 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=415253 The High Court of Bombay held that losses should be set-off against profits of the industrial undertaking before granting deductions under Sections 80HH and 80I of the Income Tax Act, 1961, in line with Section 80AB. Relying on a previous Apex Court judgment, the High Court concluded that the principles discussed in that case apply to the sections in question. Despite the observation being obiter, the High Court deemed it binding and ruled in favor of the respondent, disposing of the appeal without costs. Case-Laws Income Tax Thu, 18 Nov 2021 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=415253