2016 (9) TMI 1588

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....e Tax Dept. For the Respondent : Mr. M. P. Senthil Kumar JUDGMENT ( The Judgment of the Court was delivered by Nooty.Ramamohana Rao, J ) This appeal by the Revenue is preferred under Section 260-A of the Income Tax Act, by raising the following substantial questions of law: (i) Whether, on the facts and in the circumstances of the case, the Tribunal is correct in law to hold t....

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.... of this eligible business. During the assessment year 2007-2008, the assessee claimed deduction under Section 80-IA(2) of the Act by adopting the same as initial assessment year. For the assessment year 2010-2011, with which we are concerned in this appeal, the assessee claimed an amount of deduction in a sum of Rs. 70,54,445/- and this deduction claimed under Section 80-IA, was disallowed by the....

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....on raised by the Revenue was that when an appeal was preferred before the Supreme Court against the said Velayudhaswamy Spinning Mills (P) Ltd. case and when the same was pending, the judgment of this Court in the said Velayudhaswamy Spinning Mills (P) Ltd. ought not to have been followed by the Tribunal. 4. It is only appropriate to note that the Supreme Court, by judgment dated 05.09.2016, di....

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....Vs. Mewar Oil and General Mills Ltd., reported in 2004 (186) CTR (Raj) 141 = 2004 (271) ITR 311 (Raj), and came to the conclusion that it is not at all required that the losses which have already been set-off against the income of the previous year, should be revoked again for computation of current income under Section 80-IA for the purpose of computing the admissible deductions thereunder. Hence....