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2015 (5) TMI 1049

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..... years as well. Having exercised its option and its losses have been set off already against other income of the business enterprise, the assessee in this appeal falls within the parameters of Section 80IA of the Income Tax Act. There appears to be no distinction on facts in relation to the decision reported in Velayudhaswamy Spinning Mills case (2010 (3) TMI 860 - Madras High Court). - Decided in .....

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..... on u/s.80IA of the Act of Rs. 65,12,277/- in respect of income from windmill division. The Assessing Officer disallowed the deduction claimed u/s.80IA. The ld. AR of the assessee placed reliance on the ratio held in Velayudhaswamy Spinning Mills Pvt. Ltd. (340 ITR 477), wherein the jurisdictional High Court held that the depreciation already absorbed out of the income in other sources of income ca .....

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..... ing the aforesaid judgment of the Madras High Court in the case of Velayudhaswamy Spinning Mills Pvt. Ltd. (supra), allowed the claim of the assessee and he also held that in case the Apex Court reverses the decision given by the Madras High Court in the above case of Velayudhaswamy Spinning Mills Pvt. Ltd. (supra), and supports contention of the Department in future, the Assessing Officer may acc .....

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