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2016 (2) TMI 468 - MADRAS HIGH COURT

2016 (2) TMI 468 - MADRAS HIGH COURT - TMI - Entitlement to claim deduction under section 80-IA - 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 this appeal falls within the parameters of S .....

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Income Tax Appellate Tribunal 'C' Bench, Chennai, dated 31.7.2015, made in I.T.A.No.294/Mds./2015. 2. The brief facts of the case, necessary for the disposal of the appeal, are as follows: 2.1) The assessee, the respondent herein, is an individual having income from the sale of lottery tickets, money lending and also from generating power through windmills. The assessee had filed its revised return of income, for the assessment year 2011-12, on 29.9.2011, declaring a total income of  .....

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Act, claimed by the assessee, holding that the initial assessment year is the year from which the assessee commences eligible business. Since no profits were available for deduction in the financial year relevant to the assessment year 2010-11, after notionally bringing forward the unabsorbed depreciation and business losses. 2.3. The assessee had claimed 80IA deduction on the basis of the decision of this Court, in Velayudhaswamy Spinning Mills (P) Ltd. Vs. Assistant Commissioner of Income Tax .....

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f Income Tax, (231 CTR (Mad.) 368). As such, the claim of the assessee had been allowed. Aggrieved by the order passed by the Commissioner of Income Tax (Appeals), the Revenue had filed an appeal before the Income Tax Appellate Tribunal 'C' Bench, Chennai. The Tribunal, by its impugned order, dated 31.7.2015, had dismissed the appeal following the decision of this Court, in Velayudhaswamy Spinning Mills (P) Ltd. Vs. Assistant Commissioner of Income Tax, (231 CTR (Mad.) 368). 3. Challengi .....

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earlier year against other business income of the assessee, following the decision of the jurisdiction High Court in the case of M/s.Velayudhaswamy Spinning Mills (340 ITR 477) when the same is pending appeal before the Hon'ble Supreme Court in S.L.P.Civil No.33475 of 2012? 2. Whether under the facts and circumstances of the case, the Income Tax Appellate Tribunal was correct in holding that the initial assessment year in Section 80IA(5) would only mean the year of claim of deduction under .....

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the case. b. The Income Tax Appellate Tribunal erred in holding that losses and unabsorbed depreciation which already stood set off against other income in earlier years could not be carried forward and set off against profits or income of initial/subsequent years in respect of windmill in computing the deduction under Section 80IA. c. The Income Tax Appellate Tribunal erred in holding that the initial assessment year shall be first year in which the assessee opts to make the claim or the sixth .....

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were an independent unit owned by the taxpayer. e. The Income Tax Appellate Tribunal ought to have appreciated that as per provisions of Section 80IA (5) the undertaking eligible for deduction under Section 80IA should be treated as only source of income for computing the quantum of deduction. f. The Income Tax Appellate Tribunal erred in following the decision of Jurisdictional High Court in the case of M/s.Vellayuthasamy Spinning Mills when the same is appeal before the Hon'ble Supreme Co .....

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