TMI Blog2015 (11) TMI 985X X X X Extracts X X X X X X X X Extracts X X X X ..... eported in Velayudhaswamy Spinning Mills case (2010 (3) TMI 860 - Madras High Court). - Decided in favour of the assessee - I. T. A. Nos. 1107 and 1108 /Mds/ 2015(assessment years 2005-06 and 2006-07). - - - Dated:- 26-6-2015 - N. R. S. GANESAN (Judicial Member) and A. MOHAN ALANKAMONY (Accountant Member) P. Radhakrishnan, for the appellant. S. Sridhar, for the respondent. ORDER The order of the Bench was delivered by 1. A. Mohan Alankamony (Accountant Member).-These two appeals are filed by the Revenue, aggrieved by the separate order of the learned Commissioner of Income-tax (Appeals)-11, Chennai both order dated December 29, 2014 and passed under section 143(3) read with sections 147 and 250 of the Act in old I. ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... he unabsorbed depreciation and carry forward losses of the earlier years which had already been set off against the other income cannot be notionally carried forward and taken into consideration for the purpose of computation of deduction under section 80-IA of the Act. 3. The assessee is a company, engaged in the business of manufacturing and sale of carburetors and fuel pumps for two and four wheelers, filed its revised return of income for the assessment year 2005-06 on March 30, 2006 admitting income of ₹ 19,47,94,754 and the original return of income for the assessment year 2006-07 on November 31, 2006 admitting income of ₹ 36,61,15,170. The case was taken for scrutiny and assessment was completed on December 31, 2010 (a ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... me-tax Act, 1961. 6. Before us, the learned Departmental representative argued in support of the order of the learned Assessing Officer. The learned Departmental representative further submitted that the learned Assessing Officer had arrived at this decision out of abundant caution, because the Revenue has carried the matter before the hon'ble apex court and the matter was pending. The learned authorised representative on the other hand, relied on the decision of the hon'ble jurisdictional High Court and decision of the Tribunal in the assessee's own case vide order dated April 21, 2011 supra and prayed that the order of the learned Commissioner of Income-tax (Appeals) may be upheld. 7. We have heard both parties and caref ..... X X X X Extracts X X X X X X X X Extracts X X X X
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