Allowing the appeal of the assessee the Court held that loss suffered by assessee in respect of its unit eligible for deduction under section 80IC could be set off against income of assessee under same head from other unit not eligible for deduction under said section .Matter remanded to Tribunal. (AY.2008-09)
TVS Motor Company Ltd. v. ACIT (2021) 276 Taxman 25 (Mad.)(HC)
S. 70 : Set off loss-One source against income from another source- Same head of income-Could be set off against income of assessee under same head from other unit not eligible for deduction under said section- Matter remanded to the Tribunal. [S. 10B, 71, 80B(5), 80IC]