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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 ..... Tax Case Appeal filed by the Assessee under Section 260-A of the Income Tax Act, 1961, was admitted on 29.10.2007 on the following substantial questions of law: i. Whether the Tribunal was right in holding that the deduction under Section 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 Tribuna ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... Pondicherry. Admittedly, the Assessee did not maintain separate books of accounts in respect of both the units. They maintained one consolidated set of books of accounts for both the units. 4. They filed Return of Income for the Assessment year 1997-98 on 1.12.1997, declaring a loss of Rs. 21,91,579/-. But they filed a revised Return reducing the loss to Rs. 14,26,251/-. 5. But when the case wa ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... the Assessee's contention with regard to deferred revenue expenditure. 8. The Revenue did not file appeal as against that portion of the order of Commissioner of Income Tax (Appeals). But the Assessee 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 recti ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... rt in IPCA Laboratory vs. Deputy Commissioner of Income Tax [(2004) 266 ITR 521 (SC)]. 10. However, it is contended by Mr.V.S.Jayakumar, learned counsel for the Assessee that in case of this nature, 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 Petrochem ..... X X X X Extracts X X X X X X X X Extracts X X X X
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