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TMI Blog2015 (12) TMI 1602X X X X Extracts X X X X X X X X Extracts X X X X ..... also generating power through windmills. The assessee had filed its return of income, for the assessment year 2011-2012, on 30.9.2011, declaring a total income of Rs. 2,56,37,844/-. The assessee had claimed a deduction of Rs. 1,06,26,141/-, under Section 80IA of the Income Tax Act, 1916, (hereinafter referred to as `the Act') on the income from the windmill division of the company. The case of the assessee had been selected for scrutiny assessment and a notice under Section 143(2) of the Act had been issued and served on the assessee. The assessing officer had disallowed Rs. 1,06,26,141/, being the deduction claimed by the assessee,under Section 80IA of the Act, holding that the initial assessment year is the year from which the assess ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... Court, under Section 260A of the Act, raising the following substantial questions of law. "1. Whether under the facts and circumstance of the case the Hon'ble Income Tax Appellate Tribunal was right in law in holding that the assessee is entitled to deduction under Section 80IA without setting off the losses/unabsorbed depreciation pertaining to the windmill, which were set off in the earlier year against other business income of the assessee, following the decision of the jurisdiction High Court in the case of M/s.Velayudhaswamy Spinning Mills (340 ITR 477) when the same is pending appeal before the Hon'ble Supreme Court in S.L.P.Civil No.33475 of 2012? 2. Whether under the facts and circumstances of the case, the Income Tax A ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... appreciate the memorandum explaining the provisions in Finance (No 2) Bill 1980 (123 ITR (St.) 154 also explains that in computing quantum of tax holiday profits for the unit is to be determined as if such units were an independent unit owned by the taxpayer. e. The Income Tax Appellate Tribunal ought to have appreciated that as per provisions of Section 80IA (5) the undertaking eligible for deduction under Section 80IA should be treated as only source of income for computing the quantum of deduction. f. The Income Tax Appellate Tribunal erred in following the decision of Jurisdictional High Court in the case of M/s.Vellayuthasamy Spinning Mills when the same is appeal before the Hon'ble Supreme Court. g. The Income Tax Appellat ..... X X X X Extracts X X X X X X X X Extracts X X X X
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