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The Tax Publishers2009 TaxPub(DT) 1693 (Chen-Trib) : (2009) 119 ITD 0184 : (2009) 123 TTJ 0462 : (2009) 024 DTR 0337 : (2010) 001 ITR (Trib) 0749 ITO v. Sicgil India (P) Ltd. INCOME TAX ACT, 1961 Deduction under section 80-IB - Allowability -Set off of carry forward losses *Held:* Since, assessee claimed deduction under section 80-IB before set-off of carry forward losses of immediate previous assessment year, therefore, AO was justified in allowing said deduction as per decision laid in Special Bench in case of Asstt. CIT v. Goldmine Shares & Finance (P.) Ltd. [2008] 113 ITD 209 (Ahd.). Income-tax Act, 1961, Section 254, read with sections 80-IB A.Y. 2002-03 Decision: In favour of assessee. Case Law Analysis:Asstt. CIT v. Goldmine Shares & Finance (P.) Ltd. [2008] 113 ITD 209 (Ahd.) (SB) (para 5). ITO v. Sicgil India (P) Ltd. SUBSCRIBE FOR FULL CONTENT

The Tax Publishers2009 TaxPub(DT) 1693 (Chen-Trib) : (2009) 119 ITD 0184 : (2009) 123 TTJ 0462 : (2009) 024 DTR 0337 : (2010) 001 ITR (Trib) 0749

ITO v. Sicgil India (P) Ltd.

INCOME TAX ACT, 1961

Deduction under section 80-IB - Allowability -Set off of carry forward losses

Held: Since, assessee claimed deduction under section 80-IB before set-off of carry forward losses of immediate previous assessment year, therefore, AO was justified in allowing said deduction as per decision laid in Special Bench in case of Asstt. CIT v. Goldmine Shares & Finance (P.) Ltd. [2008] 113 ITD 209 (Ahd.).

Income-tax Act, 1961, Section 254, read with sections 80-IB

A.Y. 2002-03
Decision: In favour of assessee.

Case Law Analysis:Asstt. CIT v. Goldmine Shares & Finance (P.) Ltd. [2008] 113 ITD 209 (Ahd.) (SB) (para 5).

ITO v. Sicgil India (P) Ltd.