BAJAJ MOTORS LTD Vs. COMMISSIONER OF INCOME TAX

JUDGEMENT

(1.) This appeal has been preferred by the assessee under section 260A of the Income-tax Act, 1961 (hereinafter referred to as "the Act"), against the order dated November 25, 2002, passed by the Income-tax Appellate Tribunal, Delhi Bench "C", New Delhi, in I.T.A. No. 246/Del/1998, for the assessment year 1994--95, claiming the following substantial question of law :

(2.) We have heard learned counsel for the parties.

(3.) Learned counsel for the assessee submits that for computing the benefit admissible under section 80I, loss in another unit could not be taken into account. Reliance has been placed on the judgment of the hon'ble Supreme Court in CIT v. Canara Workshops P. Ltd., 1986 161 ITR 320 which has been followed in CIT v. Siddaganga Oil Extractions Pvt. Ltd., 1993 201 ITR 968 and CIT v. Visakha Industries Ltd., 2001 251 ITR 471. Learned counsel for the assessee also relies upon CIT v. Devidayal Rolling Refineries P. Ltd.,1984 40 CTR(Bom) 191.