https://www.taxtmi.com/caselaws?id=266247 The High Court upheld the Tribunal's decision in favor of the assessee regarding the entitlement to claim a deduction under Section 80-IA of the Income Tax Act. The court reiterated that once losses and deductions have been set off against previous year's income, they should not be reopened for computing the current year's income. The court dismissed the Revenue's appeal, confirming the assessee's eligibility for the deduction, which included windmill power generation and hosiery goods. Despite pending appeals before the Supreme Court, the High Court maintained its decision, ultimately dismissing the Tax Case (Appeal) and affirming the Tribunal's order. en-us Mon, 14 Sep 2015 00:00:00 +0530 Mon, 19 Oct 2015 15:05:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=266247 The High Court upheld the Tribunal's decision in favor of the assessee regarding the entitlement to claim a deduction under Section 80-IA of the Income Tax Act. The court reiterated that once losses and deductions have been set off against previous year's income, they should not be reopened for computing the current year's income. The court dismissed the Revenue's appeal, confirming the assessee's eligibility for the deduction, which included windmill power generation and hosiery goods. Despite pending appeals before the Supreme Court, the High Court maintained its decision, ultimately dismissing the Tax Case (Appeal) and affirming the Tribunal's order. Case-Laws Income Tax Mon, 14 Sep 2015 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=266247