https://www.taxtmi.com/caselaws?id=764508 ITAT Mumbai allowed the assessee's appeal regarding deduction under Section 80IC. The tribunal held that the AO must accept the assessee's basis of allocation for management fees and managing director remuneration on gross profit basis, following the consistency principle as this method was accepted in previous assessment years. Additionally, the tribunal directed that deduction under Section 80IC at 30% should be allowed on eligible unit profits without setting off losses from non-eligible units, citing precedents from coordinate benches and HC decisions. en-us Thu, 09 Jan 2025 00:00:00 +0530 Fri, 10 Jan 2025 14:24:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=764508 ITAT Mumbai allowed the assessee's appeal regarding deduction under Section 80IC. The tribunal held that the AO must accept the assessee's basis of allocation for management fees and managing director remuneration on gross profit basis, following the consistency principle as this method was accepted in previous assessment years. Additionally, the tribunal directed that deduction under Section 80IC at 30% should be allowed on eligible unit profits without setting off losses from non-eligible units, citing precedents from coordinate benches and HC decisions. Case-Laws Income Tax Thu, 09 Jan 2025 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=764508