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2018 (5) TMI 516 - HC - Income TaxDepreciation 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:- In the assessee's own case, for the earlier assessment year, an identical issue was considered [2016 (7) TMI 1232 - MADRAS HIGH COURT] as relying on decision in Velayudhaswamy Spinning Mills (P) [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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