TMI Blog2016 (7) TMI 309X X X X Extracts X X X X X X X X Extracts X X X X ..... ing Mills case (2010 (3) TMI 860 - Madras High Court). - Decided in favour of the assessee - I.T.A. No. 526/Mds./2016 - - - Dated:- 12-5-2016 - Shri Chandra Poojari, Accountant Member And Shri G. Pavan Kumar, Judicial Member For the Appellant : Mr. P. Radhakrishnan, JCIT D.R For the Respondent : Mr. A. S. Sriraman, Advocate ORDER Per Chandra Poojari, Accountant Member This appeal is filed by the Revenue is directed against the order of the Learned Commissioner of Income Tax(A)-8, Chennai dated 11.12.2015 pertaining to the assessment year 2010-11. 2. The Revenue has raised the following grounds. 1. The order of the learned CIT(A) is contrary to law and facts of the case. 2.1. The CIT(A) erred in deletin ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... equal to 100 per cent of the profits and gains derived from such business for ten consecutive assessment years. Deduction is given to eligible business and the same is defined in sub-s. (4). Sub-s(2) provides option to the assessee to choose 10 consecutive assessment years out of 15 years. Option has to be exercised. If it is not exercised, the assessee will not be getting the benefit. Fifteen years is outer limit and the same is beginning from the years in which the undertaking or the enterprise develops and begins to operate any infrastructure activity etc Sub-s. (5) deals with quantum of deduction for an eligible business. The words initial assessment year are used in sub-s (5) and the same is not defined under the provisions. It is ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... he set off is taken place in earlier year against the other income of the assessee, the Revenue cannot rework the set off amount and bring it notionally. Fiction created in sub-s(5) does not contemplates to bring set off amount notionally. Fiction is created only for the limited purpose and the same cannot be extended beyond the purpose for which it is created. There is no dispute that losses incurred by the assessee were already set off and adjusted against the profits of the earlier years. During the relevant assessment year, the assessee exercised the option under S.80-IA(2). In Tax Case No.918 of 2008 the assessment year was 2004-05. During the relevant period, there were no unabsorbed depreciation or loss of the eligible undertakings a ..... X X X X Extracts X X X X X X X X Extracts X X X X
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