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2016 (7) TMI 1232 - HC - Income TaxValidity of reopening of the assessment - Held that:- Hearing of the appeals has been adjourned to several dates, only on the request of the appellant, despite clear indication by the Tribunal that no further adjournments would be granted. Having regard to the above, this court is not inclined to accept the contention that the appellant, has been denied an opportunity and thus there was violation of principles of natural justice, in passing an ex-parte order. Going through the orders impugned, we are also, of the view that, the reopening of assessment, has been done in accordance with the provisions Depreciation on Wind Mills already adjusted against the profits of Printing Business artificially carried forward for the impugned assessment year for the purpose of denial of relief u/s 80IA - Held that:- As decided in Velayudhaswamy Spinning Mills (P.) Ltd. v. Assistant Commissioner of Income-tax reported [2010 (3) TMI 860 - Madras High Court ] 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 income of the current year and, therefore, recomputation of income for the purpose of computing permissible deduction under section 80-I for the new industrial undertaking was not required in the present case. - Decided in favour of assessee
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