https://www.taxtmi.com/caselaws?id=763184 The ITAT Mumbai ruled in favor of the assessee regarding Section 80IB deductions and loss adjustments between industrial units. The CIT(A) had enhanced income by requiring losses from one priority undertaking to be set off against profits from another priority undertaking at Daman units, relying on the SC decision in Synco Industries Limited. However, the ITAT distinguished the facts, noting that unlike Synco Industries where gross total income was nil, the assessee had positive gross total income in all assessment years and was eligible for Chapter VIA deductions. The ITAT set aside the CIT(A)'s enhancement and directed the AO to delete the impugned additions. en-us Mon, 09 Dec 2024 00:00:00 +0530 Fri, 13 Dec 2024 14:29:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=763184 The ITAT Mumbai ruled in favor of the assessee regarding Section 80IB deductions and loss adjustments between industrial units. The CIT(A) had enhanced income by requiring losses from one priority undertaking to be set off against profits from another priority undertaking at Daman units, relying on the SC decision in Synco Industries Limited. However, the ITAT distinguished the facts, noting that unlike Synco Industries where gross total income was nil, the assessee had positive gross total income in all assessment years and was eligible for Chapter VIA deductions. The ITAT set aside the CIT(A)'s enhancement and directed the AO to delete the impugned additions. Case-Laws Income Tax Mon, 09 Dec 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=763184