2016 (2) TMI 574

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....ENT V. Ramasubramanian, J. The above Tax Case Appeal filed by the Assessee under Section 260-A of the Income Tax Act, 1961, was admitted on 29.10.2007 on the following substantial questions of law: i. Whether the Tribunal was right in holding that the deduction under Section 80-IA is not allowable at all to the assessee since there was no taxable income though the unit eligible for deduct....

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..../Assessee has two units, one in chennai and another in Pondicherry. Admittedly, the Assessee did not maintain separate books of accounts in respect of both the units. They maintained one consolidated set of books of accounts for both the units. 4. They filed Return of Income for the Assessment year 1997-98 on 1.12.1997, declaring a loss of Rs. 21,91,579/-. But they filed a revised Return reduci....

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....ection 80-IA. The Commissioner of Income Tax (Appeals) upheld the Assessee's contention with regard to deferred revenue expenditure. 8. The Revenue did not file appeal as against that portion of the order of Commissioner of Income Tax (Appeals). But the Assessee filed a Second Appeal before the Income Tax Appellate Tribunal. The Income Tax Appellate Tribunal dismissed the appeal by a judgme....

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....o the said benefit, in view of the decision of the the Supreme Court in IPCA Laboratory vs. Deputy Commissioner of Income Tax [(2004) 266 ITR 521 (SC)]. 10. However, it is contended by Mr.V.S.Jayakumar, learned counsel for the Assessee that in case of this nature, it is always open to this Court to allow the Assessee to prepare separate sets of books of accounts, as was done by the Supreme Cour....