Industrial unit to be treated separately and independently for computation of deduction u/s. 80-IB

Medley Pharmaceuticals Ltd Vs DCIT (ITAT Mumbai) ITAT Mumbai held that each industrial undertaking or unit is to be treated separately and independently. Thus, loss of one industrial undertaking cannot be set off against the profit of another industrial undertaking to arrive at a computation of the quantum of deduction under section 80-IB of the Income Tax Act. Facts- The present appeal is preferred by the assessee. Notably, CIT(A) was of the firm belief that such loss from priority undertaking should have been set off against the profits from other priority undertaking at Daman Unit-II or III...