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| The Tax Publishers2020 TaxPub(DT) 4268 (Mad-HC) : (2021) 276 TAXMAN 0025 INCOME TAX ACT, 1961
Section 253
Where Tribunal upheld disallowance of set-off of loss of section 80-IC unit against profit of the non 80-IC unit on the basis of decsion of High Court of Delhi in CIT v. KEI Industries Ltd. (2015) 373 ITR 574 (Del) : 2015 TaxPub(DT) 1619, however, without assigning any reason as to why it was satisfied that decision in KEI Industries Ltd. would apply to the assessee's case, order passed by Tribunal was set aside and matter was remanded for fresh consideration in accordance with law and to pass speaking order.
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Appeal (Tribunal) - Order of Tribunal - Tribunal not assigned any reason for not being satisfied with order of CIT(A) -
Assessee sought setting off of loss incurred in section 80-IC unit. AO disallowed set-off of loss of section 80-IC unit against profit of the non 80-IC unit, holding that eligible income or loss derived by Himachal Pradesh Unit could not be set-off with any other unit. AO disallowed set-off of loss of section 80-IC unit against profit of the non 80-IC unit, holding that eligible income or loss derived by Himachal Pradesh Unit could not be set-off with any other unit. CIT(A) allowed assessee's appeal in respect of said issue. Tribunal based upon decsion of High Court of Delhi in CIT v. KEI Industries Ltd. (2015) 373 ITR 574 (Del) : 2015 TaxPub(DT) 1619, held that finding of CIT(A) should be reversed. Assessee challenged order passed by ITAT by way of appeal filed under section 260A. Held: Since Tribunal did not assign any reason as to why it was satisfied that decision in KEI Industries Ltd. would apply to the assessee's case, order passed by Tribunal was set aside and matter was remanded for fresh consideration in accordance with law and to pass speaking order.
REFERRED :
FAVOUR : Matter remanded.
A.Y. : 2008-09
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