TMI Blog2015 (12) TMI 1602X X X X Extracts X X X X X X X X Extracts X X X X ..... claims deduction under section 80-IA, cannot be notionally carried forward and set off against the income from the year in which the assessee started claiming deduction under section 80-IA - Decided in favour of the assessee and against the Revenue - Tax Case (Appeal) No.1170 of 2015 - - - Dated:- 22-12-2015 - MR. M.JAICHANDREN AND MRS. S.VIMALA, JJ For the Petitioner : Mr.T.R.Senthil Kumar For the Respondent : None ORDER M. JAICHANDREN, J This Tax Case Appeal has been filed against the order of the Income Tax Appellate Tribunal B Bench, Chennai, dated 2.6.2015, made in I.T.A.No.450/Mds/2015. 2. The brief facts of the case, necessary for the disposal of the appeal, are as follows: 2.1) The assessee company ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... fficer, the assessee had filed an appeal before the Commissioner of Income Tax (Appeals). The Commissioner of Income Tax (Appeals) had held that the issue is covered by the decision of this Court, in Velayudhaswamy Spinning Mills (P) Ltd. Vs. Assistant Commissioner of Income Tax, (231 CTR (Mad.) 368). As such, the claim of the assessee had been allowed. 2.4) Aggrieved by the order passed by the Commissioner of Income Tax (Appeals), the Revenue had filed an appeal before the Income Tax Appellate Tribunal B Bench, Chennai. The Tribunal, by its impugned order, dated 2.6.2015, had dismissed the appeal, following the decision of this Court, in Velayudhaswamy Spinning Mills (P) Ltd. Vs. Assistant Commissioner of Income Tax, (231 CTR (Mad.) 3 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... Tax Appellate Tribunal is erroneous in law and opposed to the facts and circumstances of the case. b. The Income Tax Appellate Tribunal erred in holding that losses and unabsorbed depreciation which already stood set off against other income in earlier years could not be carried forward and set off against profits or income of initial/subsequent years in respect of windmill in computing the deduction under Section 80IA. c. The Income Tax Appellate Tribunal erred in holding that the initial assessment year shall be first year in which the assessee opts to make the claim or the sixth year where the assessee had not opted in the earlier years. The Tribunal failed to appreciate that the year of commencement is to be considered as th ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 6. It is noted that the facts and circumstances based on which the present appeal had arisen are similar to those which had already been decided by this court. Further, in a batch of cases, in CIT Vs. Eastman Exports Global Clothing (P) Ltd. [2015] 229 Taxman 449/54 Taxmann.com 408 (Madras), this Court had followed the decision rendered in Velayudhaswamy Spinning Mills (P) Ltd. Vs. Assistant Commissioner of Income Tax, (231 CTR (Mad.) 368), and had decided the matter in favour of the assessee and against the Revenue. Taking note of the above said decisions, we are constrained to dismiss the present appeal filed by the Revenue, confirming the order passed by the Tribunal, dated 2.6.2015. Accordingly, the questions of law raised in the ap ..... X X X X Extracts X X X X X X X X Extracts X X X X
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