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Principal Commissioner of Income Tax Versus M/s. Vetal Textiles and Electronics P. Ltd.

2016 (7) TMI 1089 - MADRAS HIGH COURT

Entitlement to deduction under section 80 IA - Held that:- Velayudhaswamy Spinning Mills Pvt. Ltd.,'s case (2010 (3) TMI 860 - Madras High Court ), held that once the losses and other deductions are set off against the income of the assessee in the p .....

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llant : Mrs. R. Hemalatha, Jr. Standing Counsel for Income Tax JUDGMENT ( Judgment of the Court was made by S. Manikumar, J ) Challenge in this Tax Appeal, is to an order passed by the Income Tax Appellate Tribunal in ITA No.1694/Mds/2015, dated 09.1 .....

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llowing substantial questions of law:- 1. Whether on the facts and circumstance of the case the Appellate Tribunal was right in law in holding that the assessee is entitled to deduction under section 80 IA of the Income Tax Act? 2. Whether under the .....

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d 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 thi .....

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Court in SLP No.1136 of 2011. 4. Similar to the facts and circumstances of the case, while adverting to the substantial questions of law raised and after considering the judgment of the Hon'ble Apex Court in Liberty India vs. CIT reported in (20 .....

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Bench of this Court in Velayudhaswamy Spinning Mills Pvt. Ltd.,'s case (stated supra), held that once the losses and other deductions are set off against the income of the assessee in the previous year, it should not be re-opened again, for the p .....

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n, it is held that though it is contended that SLP filed against the above reported judgment, is pending on the file of the Hon'ble Supreme Court, the effect of the same, would not amount to reversal or erase the dictum. 6. Material on record dis .....

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lowed the claim of the assessee for deduction u/s 80IA by following the binding judgment of the Madras High Court in Velayudhaswamy Spinning Mills (P) Ltd. (supra). This Tribunal is of the considered opinion that mere pendency of SLP before the Apex .....

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