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2015 (1) TMI 830 - HC - Income TaxEntitlement to claim deduction under section 80-IA - AO disallowed the assessees' claim under Section 80IA of the Income Tax Act primarily on the ground that carried forward loss of earlier years should be set off before computing the profit for the current year. - Held that:- 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. We, taking note of the decision rendered by this Court in the case of Velayudhasamy Spinning Mills (2010 (3) TMI 860 - Madras High Court ) and respectfully agreeing with the reasoning rendered by this Court, we are inclined to dismiss all the above Tax Case (Appeals), thereby confirm the order passed by the Tribunal. - Decided in favour of the assessee.
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