https://www.taxtmi.com/caselaws?id=262356 The Court upheld the Tribunal's decision allowing the respondent to claim deduction under section 80-IA of the Income Tax Act. Relying on precedents, the Court emphasized that once losses and deductions are set off against previous years' income, they should not be reopened for current year income calculation. The Court found the facts similar to a previous case involving windmills, where the assessee had already set off losses. The appeal by the Revenue was dismissed, affirming the Tribunal's ruling in favor of the assessee. en-us Wed, 08 Jul 2015 00:00:00 +0530 Sat, 08 Aug 2015 06:11:58 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=262356 The Court upheld the Tribunal's decision allowing the respondent to claim deduction under section 80-IA of the Income Tax Act. Relying on precedents, the Court emphasized that once losses and deductions are set off against previous years' income, they should not be reopened for current year income calculation. The Court found the facts similar to a previous case involving windmills, where the assessee had already set off losses. The appeal by the Revenue was dismissed, affirming the Tribunal's ruling in favor of the assessee. Case-Laws Income Tax Wed, 08 Jul 2015 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=262356