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2016 (9) TMI 1079 - MADRAS HIGH COURT

2016 (9) TMI 1079 - MADRAS HIGH COURT - TMI - Notional loss of depreciation - whether set off against other income of earlier years prior to initial assessment year could not be carried forward to set off in the initial assessment year for the purpose of working out the deduction under Section 80 IA of the Act, when the same is permitted under Section 80 IA (5) of the Act” - Held that:- Hon'ble Division Bench of this Court in Velayudhaswamy Spinning Mills Pvt. Ltd.,'s case (2010 (3) TMI 860 - Ma .....

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order passed by the Income Tax Appellate Tribunal in ITA No.2082/Mds/2013, dated 19/2/2014, by which, the Tribunal dismissed the appeal preferred by the revenue, against the order of the Commissioner of Income-Tax (Appeals) dated 19/2/2014 for the Assessment Year 2008-09. 2. Revenue has come up with the above appeal, raising the following substantial questions of law:- Whether in the facts and circumstances of the case, the Tribunal was right in law in holding that the notional loss of deprecia .....

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g Mills (P) Ltd., v. Assistant Commissioner of Income-Tax reported in 340 ITR 477 is under challenge and the 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 Raj .....

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