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2016 (7) TMI 1089 - MADRAS HIGH COURT

2016 (7) TMI 1089 - MADRAS HIGH COURT - TMI - 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 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. - Tax Case Appeal No. 448 of 2016 - Dated:- 13-7-2016 - S. M .....

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come up with the above appeal, raising the following 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 facts and circumstances of the case, the Income Tax Appellate Tribunal was right in holding that unabsorbed depreciation of the earlier years before the first year or claim, which was already been absorbe .....

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e same, is pending before the Hon'ble Apex 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 (2009) 225 CTR (SC) 233 : (2009) 28 DTR (SC) 73 : (2009) 317 ITR 218 (SC) and the judgment of the Rajasthan High Court in CIT vs. Mewar Oil & General Mills Ltd. reported in (2004) 186 CTR (Raj) 141 : (20 .....

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