https://www.taxtmi.com/caselaws?id=274217 The High Court dismissed the appeals challenging the entitlement of the assessee to claim deduction under Section 80IA without setting off losses/unabsorbed depreciation from a windmill against other business income. The Court relied on a circular issued by the Central Board of Direct Taxes clarifying the term 'initial assessment year' in Section 80IA(5), emphasizing adherence to prescribed guidelines and urging Assessing Officers to follow the clarification. The judgment highlighted the importance of settling legal matters through proper channels and avoiding unnecessary litigation on settled issues. en-us Wed, 16 Mar 2016 00:00:00 +0530 Fri, 03 Aug 2018 07:56:22 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=274217 The High Court dismissed the appeals challenging the entitlement of the assessee to claim deduction under Section 80IA without setting off losses/unabsorbed depreciation from a windmill against other business income. The Court relied on a circular issued by the Central Board of Direct Taxes clarifying the term 'initial assessment year' in Section 80IA(5), emphasizing adherence to prescribed guidelines and urging Assessing Officers to follow the clarification. The judgment highlighted the importance of settling legal matters through proper channels and avoiding unnecessary litigation on settled issues. Case-Laws Income Tax Wed, 16 Mar 2016 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=274217