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TMI Blog2012 (9) TMI 371X X X X Extracts X X X X X X X X Extracts X X X X ..... eal the Department seeks to challenge the decision of the Gauhati High Court dated 6.6.2002 in ITR No. 4 of 2001. At the outset, it is pointed out by learned counsel for the original assessee that Bongaigaon Refinery and Petrochemical Limited (for short "BRPL") has since merged into IOC. Permission to carry out formal amendment within two weeks is accordingly granted. BRPL was a PSU engaged in r ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 961. However, BRPL could not claim such deduction for its Refinery Unit as the period for which such relief could be claimed had expired. Further, it could not claim such deduction for its Polyester Staple Fibre Unit as it had negative income during the accounting year ending 31.3.1992 corresponding to assessment year 1992-93. As far as the present assessment proceedings are concerned, suffice it ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... its (unit-wise) had to be on the basis of proportion of turnover of each of the three units. In reply to the said show cause notice, the assessee submitted all relevant details relating to bifurcation of net profits (unit-wise) was placed before the AO who had examined the material placed before him and after detailed investigation had passed the order of assessment and, therefore, show cause noti ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... otality of facts and circumstances of the case and to put an end to litigation, BRPL should submit unit-wise audited accounts and claim deduction under Sections 80HH and 80I". Against the said decision the assessee BRPL went in appeal. By the impugned judgment the order of the Tribunal was set aside by the High Court, hence this civil appeal is filed by the Department. At the outset, it may be st ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... hemical unit for the purposes of claiming deduction under Sections 80HH and 80I of the I.T. Act, 1961. In the present case, BRPL has prepared its Financial Statements on Consolidated Basis from which it has worked out unit-wise net profits. If not done, it could be done by the Auditors even today from the Consolidated Books of Accounts. Once such working is certified by the Auditors the net profit ..... X X X X Extracts X X X X X X X X Extracts X X X X
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