TMI Blog2014 (9) TMI 1228X X X X Extracts X X X X X X X X Extracts X X X X ..... ainst the profits available for deduction under sec.80IA? - HELD THAT:- This issue has been considered by the Hon ble Madras High Court in the case of Sri Velayudhasamy Spinning Mills P. Ltd.[ 2010 (3) TMI 860 - MADRAS HIGH COURT] where the court has held that such notionally carried forward and set off past losses and depreciation is not permissible under the provisions of sec.80IA. In view of t ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... decision of case of Sri Velayudhasamy Spinning Mills P. Ltd.,[ 2010 (3) TMI 860 - MADRAS HIGH COURT] in favour of the assessee and as such, these appeals are liable to be dismissed. - ITA Nos. 534 & 536/Mds/2014, ITA Nos. 722 & 723/Mds/2014 - - - Dated:- 10-9-2014 - Dr. O.K.NARAYANAN, VICE-PRESIDENT AND SHRI VIKAS AWASTHY, JUDICIAL MEMBER For the Assessee : Shri R. Kumar, Advocate F ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... forward and set off past losses and depreciation is not permissible under the provisions of sec.80IA. In view of the decision of the Hon ble High Court, we set aside the orders of the lower authorities on this issue and direct the Assessing Officer to compute the deduction available to the assessee under sec.80IA without any sort of notionally carried forward and set off past depreciation and loss ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... f the Hon ble Madras High Court in the case of Sri Velayudhasamy Spinning Mills P. Ltd., 231 CTR 368, in favour of the assessee and as such, these appeals are liable to be dismissed. 6. In result, the appeals filed by the assessee are allowed and the appeals filed by the Revenue are dismissed. Orders pronounced in the open court at the time of hearing on Wednesday, the 10th of September, 201 ..... X X X X Extracts X X X X X X X X Extracts X X X X
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