https://www.taxtmi.com/caselaws?id=59677 The Tribunal allowed the appeal by the assessee, overturning the CIT(A) and assessing officer's decision to disallow the deduction under section 80-IA of the IT Act for the assessment year 1997-98. It ruled that unabsorbed depreciation from the previous year should not offset the current year's profits, as the depreciation had already been absorbed by other business profits. The Tribunal emphasized that denying the deduction would contradict the purpose of section 80-IA, particularly for projects with 100% depreciation eligibility, thus ensuring the assessee's right to claim the deduction based on the wind mill project's profits. en-us Mon, 12 Sep 2005 00:00:00 +0530 Sat, 13 Apr 2024 12:39:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=59677 The Tribunal allowed the appeal by the assessee, overturning the CIT(A) and assessing officer's decision to disallow the deduction under section 80-IA of the IT Act for the assessment year 1997-98. It ruled that unabsorbed depreciation from the previous year should not offset the current year's profits, as the depreciation had already been absorbed by other business profits. The Tribunal emphasized that denying the deduction would contradict the purpose of section 80-IA, particularly for projects with 100% depreciation eligibility, thus ensuring the assessee's right to claim the deduction based on the wind mill project's profits. Case-Laws Income Tax Mon, 12 Sep 2005 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=59677