1998 (4) TMI 15

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.... by N. V. BALASUBRAMANIAN J.---At the instance of the Revenue, the Appellate Tribunal referred the following two questions of law under section 256(1) of the Income-tax Act, 1961 (hereinafter referred to as "the Act"), for our consideration: "(1) Whether, on the facts and in the circumstances of the case, the Appellate Tribunal was right in law in holding that the assessee was entitled to th....

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....e Tribunal held that the assessee is entitled to deduction of the losses from other units (sic). Recently in an unreported judgment in T. C. Nos. 498 of 1983 and 446 of 1986, by our judgment dated February 25, 1998--(since reported in CIT v. Macmillan Co. of India Ltd. [2000] 243 ITR 403), we have held that the losses should be set off against the profits of the industrial undertaking before grant....