https://www.taxtmi.com/caselaws?id=359952 The High Court of Madras ruled in favor of the assessee in an appeal concerning the denial of relief under specific sections of the Income Tax Act related to depreciation on wind mills. The Court held that losses or deductions already set off against income of previous years should not be reopened for computing current income for admissible deductions. Citing relevant case law, the Court concluded that losses absorbed against profits of other businesses cannot be brought forward and set off against profits of eligible businesses as required by the Income Tax Act. The Tax Case Appeal was allowed with no costs for either party. en-us Tue, 10 Apr 2018 00:00:00 +0530 Sun, 06 May 2018 17:40:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=359952 The High Court of Madras ruled in favor of the assessee in an appeal concerning the denial of relief under specific sections of the Income Tax Act related to depreciation on wind mills. The Court held that losses or deductions already set off against income of previous years should not be reopened for computing current income for admissible deductions. Citing relevant case law, the Court concluded that losses absorbed against profits of other businesses cannot be brought forward and set off against profits of eligible businesses as required by the Income Tax Act. The Tax Case Appeal was allowed with no costs for either party. Case-Laws Income Tax Tue, 10 Apr 2018 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=359952