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2015 (1) TMI 1072 - MADRAS HIGH COURTEntitlement to deduction under section 80-IA - Reopening of assessment - Held that:- In the present cases, there is no dispute that losses incurred by the assessee were already set off and adjusted against the profits of the earlier years. During the relevant assessment year, the assessee exercised the option under section 80-IA(2). From a reading of the above, the Rajasthan High Court in CIT v. Mewar Oil and General Mills Ltd [ 2003 (10) TMI 12 - RAJASTHAN High Court] held that it is not at all required that losses or other deductions which have already been set off against the income of the previous year should be reopened again for computation of current income under section 80-I for the purpose of computing admissible deductions thereunder. Thus all the business undertakings are wind mills and they have claimed the benefit of deduction under Section 80IA of the Income Tax Act for the assessment years in question and for the subsequent years as well. Having exercised their option and their losses have been set off already against other income of the business enterprise, the assessee in each of the appeal falls within the parameters of Section 80IA of the Income Tax Act. - Decided in favour of assessee.
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