Loss arising in eligible SEZ undertaking can be adjusted against profits from non-SEZ units

Wipro Limited Vs ACIT (ITAT Bangalore) ITAT Bangalore held that the loss arising in eligible SEZ/STPI undertakings are not required to be adjusted against the profits arising from other SEZ/STPI undertakings and the said loss can be adjusted against profits arising from non-SEZ/non-STPI units. Facts- Assessee contested the action of the AO in setting off the loss arising from SEZ units against income earned by non-tax holiday units. During the course of assessment proceedings the AO noted that the assessee has various SEZ units at different locations. Among SEZ units all are not profit making ...