https://www.taxtmi.com/caselaws?id=389575 The High Court upheld the decision of the Income Tax Appellate Tribunal, affirming the order of the Commissioner of Income Tax (Appeals) to disregard all depreciation loss from the windmill business before the assessment year 2000-01. It was determined that unabsorbed depreciation loss before the initial assessment year could be notionally carried forward for calculating deductions under section 80IA. The Court also supported the Tribunal's decision to follow a jurisdictional High Court Judgment, despite the matter being under consideration by the Supreme Court through a Special Leave Petition. The appeal was dismissed based on the consistent application of legal principles and the guidance provided by a Circular issued by the Central Board of Direct Taxes. en-us Fri, 22 Nov 2019 00:00:00 +0530 Wed, 11 Dec 2019 14:53:57 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=389575 The High Court upheld the decision of the Income Tax Appellate Tribunal, affirming the order of the Commissioner of Income Tax (Appeals) to disregard all depreciation loss from the windmill business before the assessment year 2000-01. It was determined that unabsorbed depreciation loss before the initial assessment year could be notionally carried forward for calculating deductions under section 80IA. The Court also supported the Tribunal's decision to follow a jurisdictional High Court Judgment, despite the matter being under consideration by the Supreme Court through a Special Leave Petition. The appeal was dismissed based on the consistent application of legal principles and the guidance provided by a Circular issued by the Central Board of Direct Taxes. Case-Laws Income Tax Fri, 22 Nov 2019 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=389575