https://www.taxtmi.com/caselaws?id=257222 The court allowed the appeal in favor of the assessee, holding that the appellant was entitled to a deduction under Section 80IA of the Income Tax Act for the windmill unit. It was decided that losses set off in previous years should not be reopened for the purpose of computing the current year's income under Section 80IA. The court emphasized that the deduction is profit-linked and not ownership-linked, focusing on profits derived from eligible businesses. The court set aside the Tribunal's order and answered the legal question in favor of the assessee, allowing the tax case appeal with no costs. en-us Wed, 25 Feb 2015 00:00:00 +0530 Thu, 05 Mar 2015 08:40:36 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=257222 The court allowed the appeal in favor of the assessee, holding that the appellant was entitled to a deduction under Section 80IA of the Income Tax Act for the windmill unit. It was decided that losses set off in previous years should not be reopened for the purpose of computing the current year's income under Section 80IA. The court emphasized that the deduction is profit-linked and not ownership-linked, focusing on profits derived from eligible businesses. The court set aside the Tribunal's order and answered the legal question in favor of the assessee, allowing the tax case appeal with no costs. Case-Laws Income Tax Wed, 25 Feb 2015 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=257222