Home Case Index All Cases Income Tax Income Tax + AT Income Tax - 2015 (1) TMI AT This
Forgot password New User/ Regiser ⇒ Register to get Live Demo
2015 (1) TMI 1369 - AT - Income TaxDeduction u/s 80IA - assessee had set off losses from wind mill operation against income generated from non-eligible businesses - Held that:- CIT(A) held that the provisions of sec. 80IA(5) treating the undertaking as a separate source of income cannot be applied to a year prior to the year in which the assessee opted to claim relief u/s 80IA for the first time. Accordingly CIT(A) held that the losses of earlier years cannot be notionally brought forward to be set off against current year’s income, since the current year is the initial assessment year in which deduction u/s 80IA was claimed. Since the Ld CIT(A) has followed the decision rendered by Hon’ble Madras High Court in the case of Velayudhaswamy Spinning Mills (P) Ltd Vs. ACIT [2010 (3) TMI 860 - Madras High Court] we do not find any reason to interfere with his order on this issue. - Decided against revenue
|