2012 (9) TMI 839

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...., Adv. Respondent Rep. by : Mr. R.P. Bhatt, Sr.Adv. Mr. Arijit Prasad, Adv. Mr. Yatinder Chaudhary, Adv. Ms. Anil Katiyar, Adv. JUDGEMENT This civil appeal is filed by the assessee. It pertains to assessment year 1997-98. 2. The Assessee is an industrial undertaking. It is engaged in the manufacture of steel products. It commenced business during assessment year 1995-96. It is entitled....

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....e claim of deduction under Section 80IA had been allowed inadvertently before setting off the earlier years losses from the profits and gains of the industrial undertaking. The assessee objected to the proposal of restricting its claim under Section 80IA by placing reliance on the judgment of the Madhya Pradesh High Court in the case of CIT vs. K. N. Oil Industries reported in 226 ITR 547 in which....

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....ndustrial Co-operative Tea Factory Ltd. reported in 224 ITR 604. Aggrieved by the said order, the assessee filed an appeal to ITAT which was also dismissed saying that deduction under Section 80IA can be allowed only after setting off the carry forward losses of the earlier years in accordance with Section 72 of the Act, particularly when the only source of income of the assessee during the previo....

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....ctions have been amended at least eleven times. Moreover, even Section 80IA, was earlier preceded by Sections 80HH and 80I, which has resulted in plethora of cases. In fact, some of the amendments have been enacted even after the judgment of this Court in the case of Kotagiri Industrial Co-operative Tea Factory Ltd. (supra) delivered on 5.3.1997. In the circumstances, we are of the view that one c....