TaxTMI 
TaxTMI 
2018 (8) TMI 2011
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..... 2010-11 2. Amended Ground no. 1 States that Ld. CIT (A) has erred in law and on facts in confirming the disallowance of deduction u/s. 80IB(10) to sum of Rs. 7,87,684 as against Nil claimed by the Appellant. 3. Ground No. 2 States that Ld. CIT (A) erred in law and on facts in not following binding precedent of judgement of Ahmedabad Tribunal in the case of ACIT v. Goldmine Shares & Stock Finance Pvt. Ltd. [2008] 113 ITD 209 (Ahd) (SB) 4. Both ground relates to single issue of not allowing deduction of notionally brought forward profits of eligible unit to be set-off in accordance with ratio laid down in the decision of ACIT v. Goldmine Shares & Stock Finance Pvt. Ltd. [2008] 113 ITD 209 (Ahd) (SB), hence, being considered togeth....
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....pecial Bench decision in ACIT v. Goldmine Shares & Stock Finance Pvt. Ltd. [2008] 113 ITD 209 (Ahd) (SB) has analyzed the provision of section 80IA(5) and it was held that there is concept of notional carry forward in view of non-obstante clause of section 80IA (5) and wording used therein. The provision of section 80IB(13) reads as us under:- (13) The provisions contained in sub-section (5) and sub-section (7) to (12) of section 80IA shall, so far as may be, apply to the eligible business under this section. However, the Ld.AO rejected the claim on the ground that deduction cannot exceed the gains derived from eligible unit of the relevant year and observed that the reliance on ACIT v. Goldmine Shares & Stock Finance Pvt. Ltd. [2008]....
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....ard n set-off against profits of the eligible unit to compute eligible deduction to compute eligible deduction. e. the deduction would be limited to gross total income. 8. The learned counsel for the assessee submitted above decision would be applicable for the profits of subsequent years and the profits and gains will be computed as if such business were the only source of income of the assessee in all assessment years. If the brought forward unabsorbed deduction is not taken in to account it would give result not as per issue decided in said judgement. In the same fashion as loss, unabsorbed deduction to the extent not allowed in earlier year has to be allowed 9. The ld. Sr. DR relied on the order of lower authorities. 10. We ....
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....0) to the sum of Rs. 2,01,730 as against claimed Nil by the Appellant. 12. Ground No. 2 States that Ld. CIT (A) erred in law and on facts in not following binding precedent of judgement of Ahmedabad Tribunal in the case of ACIT v. Goldmine Shares & Stock Finance Pvt. Ltd. [2008] 113 ITD 209 (Ahd) (SB) 13. We have heard the rival submissions and perused the relevant material on record. We find that the grounds of appeal for this assessment year are same as in assessment year 2010-11. Hence, our findings as recorded while disposing off grounds of appeal for the assessment year 2010-11 discussed in this part of order above would mutatis mutandis apply for this assessment year also. In view of these facts, the both grounds of appeal for the a....