2016 (9) TMI 63

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....t matter of challenge in the appeal is a judgment and order dated 28th March, 2008 passed by Income Tax Appellate Tribunal "D" Bench, Kolkata in ITA No.1658/Kol/2007 pertaining to the assessment year 2004-05 by which the learned Tribunal allowed an appeal preferred by the assessee. The aggrieved revenue has come up in appeal. The following questions of law were formulated on 13th August, 2008 whe....

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....t with effect from 1st April, 2001. Prior to 1st April, 2001, profits and gains derived by a hundred per cent export-oriented undertaking were exempt from payment of tax for a specified number of years. By the amendment the profits and gains derived by a hundred per cent export-oriented undertaking became deductible from the total income. Naturally, when the income was exempt there was or could be....

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.... learned Tribunal passed the following order: " direct the A.O. to allow the set off of business loss and unabsorbed depreciation from the profits of other units." The learned Tribunal passed a right order. But it would have been better, if the learned Tribunal had clarified that the set off was to be allowed in the order as laid down in Section 70 and other relevant sections of the Income Tax ....