2013 (12) TMI 1207

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..... troversy, the Act did not prescribe any impediment prohibiting the assessee from setting off the loss in the manner allowed by the Tribunal - The revenue is unable to refer to any statutory provision or precedent, relevant to the assessment year, that would enable us to hold to the contrary - The order passed by the Income Tax Appellate Tribunal granting relief to the assessee is in accordance wit .....

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..... sel for the revenue submits that the assessee has been wrongly allowed set off of the loss of a unit entitled to deduction under Section 10-B of the Income Tax Act, 1961 (hereinafter to be referred as the Act) against profits of another unit, as no such plea was raised before the Assessing Officer at the time of initial assessment. The Income Tax Appellate Tribunal should not have set aside the as .....

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..... ction 10-B of the Act against profits of another unit of the assessee. We have heard counsel for the parties, perused the impugned order and find no reason to hold that any question of law much less the substantial question of law framed by the revenue arises for adjudication. The argument by counsel for the revenue that the assessee is not entitled to claim set off of Rs.2,74,47,311/- against p .....

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..... ome Tax Appellate Tribunal has rightly reversed these orders as the Assessing Officer and the Commissioner of Income Tax (Appeals) had no jurisdiction to disallow relief after the Income Tax Appellate Tribunal had allowed the assessee to raise an additional ground with respect to point in issue and remitted the matter to the Assessing Officer to decide the matter afresh. A relevant extract from th .....

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..... aimed by the assessee pertains to the said unit. A perusal of the order passed by the Income Tax Appellate Tribunal would reveal that the Tribunal has held that on the date relevant to the present controversy, the Act did not prescribe any impediment prohibiting the assessee from setting off the loss in the manner allowed by the Tribunal. The revenue is unable to refer to any statutory provisio .....

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