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of <h1>Tribunal upholds allowing carried forward depreciation for windmills</h1> The Income-tax Appellate Tribunal upheld the Commissioner of Income-tax(Appeals) orders directing the assessing authority to allow carried forward ... - Three Revenue appeals for AY 2007-08 challenge the CIT(A)'s direction to allow carried forward depreciation and/or loss relating to windmills where earlier-year depreciation/loss was not notional. The Tribunal relied on its D-Bench Chennai order (30-9-2010) in the assessees' group cases and the Madras High Court decision in Velayudhaswamy Spinning Mills and Others, 231 CTR 368. The Tribunal reasoned that 'once the set off of depreciation/loss is taken place in earlier year against the other income of the assessee, the Revenue cannot rework the set off amount and bring it notionally.' On that basis the CIT(A)'s orders were held sustainable in law and the Revenue's contention rejected. Appeals dismissed.
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