TMI Blog2010 (8) TMI 648X X X X Extracts X X X X X X X X Extracts X X X X ..... - - - Dated:- 10-8-2010 - MR.JUSTICE F.M.IBRAHIM KALIFULLA, MR.JUSTICE M.M.SUNDRESH, JJ. For Appellant : Mr.J.Naresh Kumar Judgment F.M.IBRAHIM KALIFULLA, J. The Revenue has come forward with this appeal raising the following questions of law to be examined as substantial nature in this appeal: "1. Whether on the facts and circumstances of the case, the Income-tax Appellate Tribunal was right in law in holding that the assessee company is eligible for deduction under section 80IA in respect of Wind Mill installed by it and if so, whether the unabsorbed depreciation of the earlier years to be reduced from profits for computing deduction under section 80IA of the Income-tax Act, is valid? 2. Whether on the fa ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... n relating to Goldmine Shares and Finance (P) Ltd., however chose to follow the decision of the Rajasthan High Court in CIT vs. Mewar Oil and General Mills Ltd. [(2004) 271 ITR 311 (Raj)] and has held as under: "14. In the present cases, there is no dispute that loss 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). In Tax Case Nos.909 of 2009 as well as 940 of 2009, the assessment year was 2005-2006 and in the Tax Case No.918 of 2008 the assessment year was 2004-2005. During the relevant period, there were no unabsorbed depreciation or loss of the eligible undertakings and the same were alrea ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... and whether it was required to be set off against the income of the current year. 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. In view thereof, we are of the opinion that the Tribunal has not erred in holding that there was no rectification possible under section 80-I in the present case, albeit, for reasons somewhat different from those which prevailed with the Tribunal. There being no carry forward of allowable deductions under the head depreciation or development rebate which needed to be absorbed against the incom ..... X X X X Extracts X X X X X X X X Extracts X X X X
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