Loss of one industrial undertaking cannot be set off against the profit of another such industrial undertaking for purpose of computing deduction u/s 80-I

CASE LAWS DETAILS DECIDED BY: HIGH COURT OF DELHI, IN THE CASE OF : CIT Vs Sona Koyo Steering Systems Ltd., APPEAL NO: ITA No. 1279/2008 and 194,416,761 and 788 of 2009, DECIDED ON: February 10, 2010 RELEVANT PARAGRAPH 7. Section 80-I(1) reads as under:- “80 -I. Deduction in respect of profits and gains from industrial undertakings after a certain date, etc. – (1) Where the gross total income of an assessee includes any profits and gains derived from an industrial undertaking or a ship or the business of a hotel or the business of repairs to ocean-going vessels or oth...