2013 (12) TMI 652

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....d in upholding Assessing Officer reopening the assessment which was completed u/s 143(3) of the Act, dated 20.12.2007 by issue of notice u/s 148 dated 30.3.2009 merely on change of opinion as learned AO had no reason to believe that any income chargeable to tax has escaped assessment, further the learned Assessing Officer failed to appreciate that assessment cannot be reopened on debatable point. On merits: 2. The CIT (A) erred in upholding the order passed by the Assessing Officer in disallowing the deduction of Rs. 19,07,508/- claimed u/s 80-IA(4) of the Act by adjusting the notional unabsorbed losses of earlier years against income of the business eligible for deduction u/s 80-IA(4) of the Act which is contrary to the provison of law a....

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.... the above decision) (c) ACIT vs. Eveready Spinning Mills Ltd. [2012] 14 ITR 491 (Chennai) (Tri) 2. Binding Effect: Non jurisdictional High Court decision after considering the Special Bench decision is binding on Tribunal: Anil H. Lad vs. DCIT [2012] 13 ITR 581 (Bang.)(Trib.) (Considered the above decisions)." 3.1. Referring to the above citations and the ratios of the same, Ld Counsel mentioned that the Assessee is eligible for deduction u/s 80-IA of the Act in respect of the profits out of the generation of electricity out of Windmill activity and the unabsorbed depreciation of the earlier years, since already set off with the ineligible profits of the assessee, could not be reduced from profits of eligible business for computing deduc....