2023 (4) TMI 275

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....R MANJUNATHA.G, AM: This appeal filed by the assessee is directed against the order of the Commissioner of Income Tax (Appeals)-1, Madurai, dated 06.03.2020, and pertains to assessment year 2014-15. 2. The assessee has raised the following grounds of appeal: 1) Computation of Total Income for the Asst. Year 2014-15 is as follows: - Income from Chlorate Division Rs. 4,50,04,103 Income fro....

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....fficer, no doubt has to treat the profits derived from an industrial undertaking as the only source of income in order to arrive at the deduction under Chapter VIA. The Supreme Court also held that under section 80IA(6) for the purposes of calculating the deduction, the loss sustained in one of the units is not be taken into account because subsection (6) contemplates that only the profits shall b....

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.... 26.09.2014 admitting total income of Rs.5,97,70,330/- under normal provisions of the Income Tax Act, 1961, and book profit of Rs.12,80,96,813/- u/s.115JB of the Income Tax Act, 1961 (in short "the Act"). The assessment has been completed u/s.143(3) of the Act, on 21.12.2016 and determined total income of Rs.6,97,22,670/- by recomputing deduction u/s.80IA of the Act, by setting off loss of one eli....

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....unit to profit of another eligible unit and quantified net profit eligible for deduction u/s.80IA of the Act. We find that this issue is squarely covered by the decision of the Hon'ble Supreme Court in the case of CIT v. Yakogawa India Ltd. reported in [2017] 391 ITR 274 (SC), where the Hon'ble Supreme Court clearly held that while computing the quantum of deduction u/s.80IA(6) of the Act, the AO,....