1998 (4) TMI 15

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..... : R. JAYASIMHA BABU., N. V. BALASUBRAMANIAN JUDGMENT The judgment of the court was delivered by N. V. BALASUBRAMANIAN J.---At the instance of the Revenue, the Appellate Tribunal referred the following two questions of law under section 256(1) of the Income-tax Act, 1961 (hereinafter referred to as "the Act"), for our consideration: "(1) Whether, on the facts and in the circumstances of the c .....

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..... s without setting off the assessee's loss sustained by the other two units. The Appellate Tribunal held that the assessee is entitled to deduction of the losses from other units (sic). Recently in an unreported judgment in T. C. Nos. 498 of 1983 and 446 of 1986, by our judgment dated February 25, 1998--(since reported in CIT v. Macmillan Co. of India Ltd. [2000] 243 ITR 403), we have held that the .....

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