TMI Blog2016 (9) TMI 1588X X X X Extracts X X X X X X X X Extracts X X X X ..... . [ 2003 (10) TMI 12 - RAJASTHAN HIGH COURT ] and came to the conclusion that it is not at all required that the losses which have already been set-off against the income of the previous year, should be revoked again for computation of current income under Section 80-IA for the purpose of computing the admissible deductions thereunder. Hence, this Court came to the conclusion that the order passed by the Tribunal deserves to be confirmed by answering the question framed before it in favour of the assessee and against the Revenue. In the instant case, the Tribunal has followed the ratio laid down by this Court in the said Velayudhaswamy Spinning Mills P.Ltd. case , which judgment of this Court, has since attained finality now by the dismi ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ht back notionally and adjusted against the income of the initial and subsequent assessment years? 2. The respondent-assessee is engaged in the business of running hotels and resorts. It has installed a Wind Mill Generator in the previous financial years relevant to the assessment year 2004-2005 and started carrying on the operations thereof. The amount of depreciation for the assessment year 2004-2005, 2005-2006 and 2006-2007 exceeded the profit from the wind mill business and resulted in loss in respect of this eligible business. During the assessment year 2007-2008, the assessee claimed deduction under Section 80-IA(2) of the Act by adopting the same as initial assessment year. For the assessment year 2010-2011, with which we are conc ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... of Income Tax, Tirupur Vs. M/s.Velayudhaswamy Spinning Mills P.Ltd), which was directed against the judgment of this Court rendered in the above said Velayudhaswamy Spinning Mills P.Ltd. (2012 (340) ITR 0477 (cited supra) ) was also included, which has been considered by the Supreme Court and the said SLP was dismissed by the Supreme Court, as it has found no warrant to interfere with the said judgment of this Court, no doubt, without assigning any reasons therefor. 5. In paragraph 14 of the judgment rendered in the said Velayudhaswamy Spinning Mills P.Ltd. case, this Court has subscribed to the view of the Rajasthan High Court rendered in the case of CIT Vs. Mewar Oil and General Mills Ltd., reported in 2004 (186) CTR (Raj) 141 = 2004 ( ..... X X X X Extracts X X X X X X X X Extracts X X X X
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