TMI Blog2013 (9) TMI 1133X X X X Extracts X X X X X X X X Extracts X X X X ..... ,58,116/-) continuously from the year 1997 to 2004. What better proof of the same representing its AV could possibly be? There is nothing on record to show or infer that the property, which, as late as April, 2004, yielded a rent to the tune of ₹ 18 lakhs p.a., became incapable of fetching as much and, rather, plummeted to about 1% thereof. That is, an erosion in rental capacity by nearly 99%, and almost overnight. The AO in the instant case has kept the AV (at ₹ 13,00,681/-), i.e., net of standard deduction at 30%, constant fro all the years, i.e., up to A.Y. 2008-09, and which we consider as reasonable, satisfying the only condition placed by law on an otherwise totally factual matter. We decide accordingly, upholding the Reve ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... of the provisions of section 80-IA (2) of the Act, deduction may, at the option of the assessee, be claimed by the assessee for any 10 consecutive assessment years out of 15 years beginning from the year in which the undertaking generates power. HHL had commenced generation of power through wind-mill plants on 25.03.2005, 27.02.2005, 27.03.2006 and 28.07.2006, it has claimed deduction under section 80-IA of the Act for the first time for Assessment Year 2009-10, being the initial year for such deduction. 2.2 However, in the assessment framed u/s 143(3), the AO had disallowed the claim of deduction and the relevant portion of the findings is extracted hereunder: Nowhere in the Act, it is provided that for computing the profits of elig ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... pinning Mills (P) Ltd. vs. ACIT (2010) 38 DTR (Mad) 57. The appellant has reiterated the submissions as made in earlier years. It was stated that since it has claimed set off of business loss against other income during the previous year in earlier years same cannot be set off in the year under consideration. However, the fact remains that AO has not allowed set off in earlier years and hence loss on account of unabsorbed depreciation has rightly been set off by the AO in the year under consideration. Following my earlier orders in this regard, the disallowance made by the AO is upheld. 2.4 Having heard both the sides and perused the material on record, it is observed that the ITAT in ITA Nos. 7944, 7946, 2255 7943/Mum/2011 for the AY ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... tion set off in earlier years cannot be reduced from the profits for computing the deduction u/s 80IA of the Act. However, the Tribunal stated that the matter be restored to find out the claim of the assessee that the losses were already adjusted against the profits of ineligible units of the assessee in earlier years and directed the Ld.CIT(A) for adjudicating the issue afresh accordingly. Respectfully following the earlier orders of the Tribunal in assessee s own case (supra), we set aside the impugned order of the Ld.CIT(A) and restore the issue to the Ld.CIT(A) to adjudicate the same by following the earlier orders of the Tribunal after giving due opportunity of hearing to the parties. Hence Grounds of appeal taken by the assessee are a ..... X X X X Extracts X X X X X X X X Extracts X X X X
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