The Mumbai ITAT recently clarified that an industrial undertaking was not required to set off the losses incurred by it in one eligible unit against the profits earned from another eligible unit for the purpose of calculating deduction u/s 80-IB. As per Section 80-I of Income tax Act, 1961, where the gross total income of an assessee includes any profits …
![[IT Act] Section 80IB Doesn't Mandate Setting Off Losses Of One Eligible Unit Against Profits Of Another Eligible Unit: Mumbai ITAT](/static/images/error.jpg)