https://www.taxtmi.com/caselaws?id=57826 The Tribunal allowed the appeal, directing the AO to set off the business loss against other income sources under s. 70 and s. 71 of the IT Act. It concluded that income eligible for deduction under s. 10A/10B is deductible, not exempt, thus permitting the set off of losses against other income. The Tribunal also directed the AO to consider interest income as derived from the eligible unit, allowing for its set off against other business income. The decision emphasized that s. 10A/10B provides for deductions, not exemptions, supporting the appellant's position on loss set off. en-us Fri, 25 Nov 2005 00:00:00 +0530 Thu, 04 Apr 2024 11:57:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=57826 The Tribunal allowed the appeal, directing the AO to set off the business loss against other income sources under s. 70 and s. 71 of the IT Act. It concluded that income eligible for deduction under s. 10A/10B is deductible, not exempt, thus permitting the set off of losses against other income. The Tribunal also directed the AO to consider interest income as derived from the eligible unit, allowing for its set off against other business income. The decision emphasized that s. 10A/10B provides for deductions, not exemptions, supporting the appellant's position on loss set off. Case-Laws Income Tax Fri, 25 Nov 2005 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=57826