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TMI Blog2016 (2) TMI 574X X X X Extracts X X X X X X X X Extracts X X X X ..... in respect of both the units. If an Assessee does not maintain two sets of books of accounts in respect of different units, then the question of eligibility would arise only if there was a positive income. The question of deduction will not arise, if there was no positive income. In this case the Assessee having maintained single set of books of accounts, wants to claim that there was a positive ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... n 80-IA is not allowable at all to the assessee since there was no taxable income though the unit eligible for deduction had net profit? ii. Whether the Tribunal was right in holding that the provisions of Section 80-AB over-ride Section 80-IA read with Section 115-JA and so the appellant is not entitled to the deduction? iii. Whether the Tribunal was right in holding that the claim of 80-IA ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... the Assessment year 1997-98 on 1.12.1997, declaring a loss of ₹ 21,91,579/-. But they filed a revised Return reducing the loss to ₹ 14,26,251/-. 5. But when the case was reopened under Section 148 of the Act, the Assessee claimed deferred revenue expenditure of ₹ 18,00,786/-. The Assessing Officer computed MAT income under Section 115JA of the Act and eventually arrived at the ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ee filed a Second Appeal before the Income Tax Appellate Tribunal. The Income Tax Appellate Tribunal dismissed the appeal by a judgment dated 28.09.2005. The Assessee filed an application for rectification of mistake, which was also dismissed. Therefore, the Assessee has come up with the above appeal. 9. At the outset it should be pointed out that the Assessee admittedly maintained a consolidat ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... it is always open to this Court to allow the Assessee to prepare separate sets of books of accounts, as was done by the Supreme Court in Commissioner of Income Tax v. Bongaigaon Refinery and Petrochemical Limited [(2012) 349 ITR 352]. 11. But we do not think that the Assessee can take advantage of this decision. In the said decision, the Supreme Court allowed a concession to an Assessee in ord ..... X X X X Extracts X X X X X X X X Extracts X X X X
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