https://www.taxtmi.com/caselaws?id=177766 Once depreciation or loss relating to windmills has been set off in an earlier year against the assessee's other income, the Revenue cannot reopen that set-off and recompute it notionally. The Tribunal followed the jurisdictional High Court ruling in Velayudhaswamy Spinning Mills and its own earlier order in the assessees' group cases, and upheld the Commissioner (Appeals)'s direction allowing carried forward depreciation and loss. The Revenue's challenge therefore failed, and the appellate relief to the assessees was sustained. en-us Mon, 04 Jun 2012 00:00:00 +0530 Mon, 18 Jan 2016 16:11:13 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=177766 Once depreciation or loss relating to windmills has been set off in an earlier year against the assessee's other income, the Revenue cannot reopen that set-off and recompute it notionally. The Tribunal followed the jurisdictional High Court ruling in Velayudhaswamy Spinning Mills and its own earlier order in the assessees' group cases, and upheld the Commissioner (Appeals)'s direction allowing carried forward depreciation and loss. The Revenue's challenge therefore failed, and the appellate relief to the assessees was sustained. Case-Laws Income Tax Mon, 04 Jun 2012 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=177766