Section 80-IC Deduction on Eligible Unit’s Profit only, No Set-Off of Other Losses: ITAT Mumbai

Sysmex India Private Limited Vs DCIT (ITAT Mumbai) In a significant ruling for taxpayers claiming deductions under Section 80-IC of the Income Tax Act, 1961, the Income Tax Appellate Tribunal (ITAT) Mumbai Bench has affirmed that such deductions must be computed solely on the profits of the eligible unit, explicitly prohibiting the set-off of losses from non-eligible units. The decision came in the appeal filed by Sysmex India Private Limited against an order passed by the National Faceless Appeal Centre (NFAC), Delhi, pertaining to Assessment Year 2017-18. The core of the dispute revolved aro...