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2016 (7) TMI 1089

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..... it should not be re-opened again, for the purpose of computation of current year income, under Section 80-I and 80-IA of the Act. - Tax Case Appeal No. 448 of 2016 - - - Dated:- 13-7-2016 - S. Manikumar And D. Krishnakumar, JJ. For the Appellant : Mrs. R. Hemalatha, Jr. Standing Counsel for Income Tax JUDGMENT ( Judgment of the Court was made by S. Manikumar, J ) Challenge in .....

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..... ich was already been absorbed, should not be notionally carried forward and taken into consideration for computation of deduction u/s.80 IA of the Income Tax Act 3. As regards substantial questions of law, are concerned, it is the fair representation of the learned Senior Standing Counsel for Income Tax Department that this Court has been consistently following the decision in M/s.Velayudhasw .....

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..... ther deductions are set off against the income of the assessee in the previous year, it should not be re-opened again, for the purpose of computation of current year income, under Section 80-I and 80-IA of the Act. 5. Velayudhaswamy Spinning Mills Pvt. Ltd.,'s case (stated supra), has been followed in CIT v. R.Yuvaraj reported in [2015] 57 TAXMANN.COM 252 (Madras), wherein, it is held that .....

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..... sdictional High Court. In other words, the judgment of the jurisdictional High Court is binding on all authorities in the States of Tamilnadu and Pondicherry. The CIT(A) has rightly allowed the claim of the assessee by following the judgment of the Madras High Court in Velayudhaswamy Spinning Mills P. Ltd. (supra). Therefore, this Tribunal do not find any infirmity in the order of the CIT(A) and a .....

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