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TMI Blog2014 (7) TMI 858X X X X Extracts X X X X X X X X Extracts X X X X ..... dicial Member These assessee's appeals for assessment years 2003-04 and 2004-05; emanate from a common order dated 12.12.2013 passed by the Commissioner of Income Tax (Appeals)-II, Chennai in ITA Nos.430 & 431/2013-14 in proceedings under section 143(3) r.w.s 147of the Income Tax Act 1961 [in short the "Act"]. 2. At the outset, both parties point out that the issues involved in both appeals are ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... F.12,85,056/-. Subsequently, the Assessing Officer formed an opinion based on reasons to believe that since assessee's windmills had commenced operations in assessment year 1995-1996, its claim of deduction u/s. 80IA could not be considered from assessment year 2000-2001. So, he issued a sec. 148 notice dated 9.10.2009. On 13.12.2010, he framed re-assessment and held that once the assessee's wind ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... arguments i.e. challenged validality of reopening u/s. 147, claim of deduction on the issue of 'initial assessment year' as well as the brought forward losses and depreciation. The CIT(A) has rejected all of the assessee's grounds and affirmed the Assessing Officer's findings. Therefore, the assessee has filed this appeal. 5. It is to be seen from the grounds that the assessee has pleaded latter ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... that in view of case of M/s. Velayutha Swamy Spinning Mills vs. ACIT, 340 ITR 477, unabsorbed depreciation and carried forward business losses pertaining to assessment years 1995-96 to 1999-2000 could not have been ordered to be setoff against income and profits of the impugned assessment year. Thus, the assessee succeeds on both counts. The case appeal 649/Mds/2014 is accepted. 7. Same order to ..... X X X X Extracts X X X X X X X X Extracts X X X X
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