What is Velayudhaswamy Spinning Mills (P) Ltd. v. ACIT authority for?

If unabsorbed depreciation or losses from years prior to the initial assessment year for Section 80-IA claim have already been set off against other income, they cannot be notionally carried forward again to reduce the profits of the eligible unit for computing deduction under Section 80-IA. The notional carry forward provision under Section 80-IA(5) applies only to unabsorbed depreciation or losses that have not yet been absorbed.

How many judgments cite Velayudhaswamy Spinning Mills (P) Ltd. v. ACIT?

213 judgments on BharatTax cite Velayudhaswamy Spinning Mills (P) Ltd. v. ACIT (340 ITR 477), spanning 2015 to 2026.

Which sections of the Income Tax Act does Velayudhaswamy Spinning Mills (P) Ltd. v. ACIT come up under?

It is most often cited in judgments turning on Section 143(3), Section 35D, Section 40(a)(i), Section 80-IA, Section 80HHC, Section 35(2AB).

Velayudhaswamy Spinning Mills (P) Ltd. v. ACIT (340 ITR 477)

ACIT, New Delhi vs. M/S. Arushi Exports, Delhi

ITA 6014/DEL/2015[2011-12]Status: DisposedITAT Delhi18 Sept 2017AY 2011-12

Bench: Shri B.P. Jain & Shri Kuldip Singh

For Appellant: NoneFor Respondent: Shri Arun Kumar Yadav, Senior DR

Section 80I

…wn case for the last two years, the present appeal appears to have been filed for the sake of appeal only. 10. Not only this identical issue has been decided by the Hon’ble Madras High Court in case cited as Velayudhaswamy Spinning Mills (P) Ltd. vs. ACIT – 340 ITR 477 (Mad.) wherein it is held as under :- “Held, allowing the appeal, that there was no dispute that losses incurred by the assessee were already set off and adjusted against the profits of the earlier years. During the relevant assessment year, the assessee exercised the option under section 80-IA(2). During the relevant period, there was no unabso…

M/S. Leo Fasteners, Chennai vs. Addl. CIT, Pondicherry

In the result, the appeal filed by the assessee is allowed

ITA 736/CHNY/2012[2008-09]Status: DisposedITAT Chennai31 Aug 2017AY 2008-09

Bench: Shri Sanjay Arora & Shri Duvvuru Rl Reddyआयकर अपील सं./I.T.A.No.736/Mds/2012 "नधा"रण वष"/Assessment Year:2008-09 M/S. Leo Fasteners, The Additional Commissioner Of Rep. By Its Partner, Vs. Income Tax, Pondicherry Range, A-27A, Industrial Estate, Pondicherry. Thattanchavady, Pondicherry 605 009. [Pan:Aabfl0652J] (अपीलाथ" /Appellant) (""यथ"/Respondent) अपीलाथ" क" ओर से / Appellant By : Smt. G. Vardhini Karthick, Advocate ""यथ" क" ओर से/Respondent By : Shri Ashish Tripathi, Jcit सुनवाई क" तार"ख/ Date Of Hearing : 02.08.2017 घोषणा क" तार"ख /Date Of Pronouncement : 31.08.2017 आदेश /O R D E R Per Duvvuru Rl Reddy: This Appeal Filed By The Assessee Is Directed Against The Order Of The Ld. Commissioner Of Income Tax (Appeals) Xii, Chennai, Dated 23.03.2012 Relevant To The Assessment Year 2008-09, Wherein, The Assessee Has Challenged Confirmation Of Disallowance Of Deductions Claimed Under Section 80Ib As Well As 80Ia Of The Income Tax Act, 1961 [“Act” In Short].

For Appellant: Smt. G. Vardhini Karthick, AdvocateFor Respondent: Shri Ashish Tripathi, JCIT

Section 133ASection 143(1)Section 143(2)Section 80Section 80I

…owever, with regard to the claim of deduction under section 80IA of the Act, the ld. DR has submitted the Department has preferred further appeal before the Hon’ble Apex Court against the decision in the case of Velayudhaswamy Spinning Mills Pvt. Ltd. v. ACIT 340 ITR 477 and the same is pending. 5. We have heard both sides, perused the materials available on record and gone through the orders of authorities below. On perusal of the orders of authorities below, it is evident that the assessment for the assessment year under consideration was done in consistent with the assessments done for the assessment years 20…

Blow Packaging (India) Private Ltd., Chennai vs. ACIT, Chennai

In the result, the assessee’s appeal is allowed

ITA 812/CHNY/2017[2011-12]Status: DisposedITAT Chennai29 Aug 2017AY 2011-12

Bench: Shri N.R.S. Ganesan & Shri S. Jayaramanआयकर अपील सं/.I.T.A. No. 812/Mds/2017 "नधा"रण वष"/Assessment Year : 2011-12 M/S. Blow Packaging (India) Private Ltd., Assistant Commissioner Of Income (Formerly M/S. Blow Packaging (India) Vs. Tax, Ltd) Company Circle -1(2), No. 55D. Sidco Industrial Estate, Chennai. Ambattur, Chennai – 600 098. [Pan: Aaacb 3145L] (अपीलाथ"/Appellant) (""यथ"/Respondent)

For Appellant: Ms.PavunaSundari, JCIT

Section 80I

…e asssessee’s claim of deduction. Aggrieved, the assessee filed an appeal before the CIT(A). Before the CIT(A), the assessee as it did before the AO, relied on the jurisdictional High Court’s decision reported in Velayudhaswamy Spinning Mills (P) ltd V ACIT 340 ITR 477 (Mad). The CIT(A) relying on the decision of the Hon'ble ITAT Bangalore "B" Bench in the case of Assistant Commissioner of Income-tax, Circle-12 (3) vs Subhash Kabini Power Corpn Ltd [2014] 51 taxmann.com S32 (Bangalore - Trib.), dismissed the appeal . Aggrieved against that order, the assessee filed this appeal, inter alia, with the following…

ACIT, Coimbatore vs. Gvg Paper Mills Limited, Udamalpet

In the result, the appeal filed by the Revenue is dismissed

ITA 454/CHNY/2017[2012-13]Status: DisposedITAT Chennai29 Jun 2017AY 2012-13

Bench: Shri N.R.S. Ganesan & Shri S. Jayaramanआयकर अपील सं./Ita No.454/Mds/2017 "नधा"रण वष" / Assessment Year : 2012-13

For Appellant: Smt. Ann Mary Baby, JCITFor Respondent: Shri A. Dhananjayan, FCA

Section 80Section 80I

…the Ld. representative for the assessee. This issue was considered by this Tribunal in the assessee's own case for assessment year 2011-12. This Tribunal after referring to the judgment of Madras High Court in Velayudhaswamy Spinning Mills (P) Ltd. v. ACIT (231 CTR 368), allowed the claim of the assessee. In fact, the CIT(Appeals) has placed his reliance on the judgment of Madras High Court in Velayudhaswamy Spinning Mills (P) Ltd. (supra). Therefore, this Tribunal do not find any reason to interfere with the order of the lower authority and accordingly the same is confirmed. 6 I.T.A. No.454/Mds/17 11. In t…

M/S. Ramco Industries Ltd., Chennai vs. DCIT, Madurai

In the result, the appeal of assessee is dismissed

ITA 2880/CHNY/2016[2010-11]Status: DisposedITAT Chennai22 Jun 2017AY 2010-11

Bench: Shri Chandra Poojari & Shri Duvvuru Rl Reddyआयकर अपील सं./Ita No. 2880/Mds/2016 "नधा"रण वष" /Assessment Year : 2010-11 M/S. Ramco Industries Ltd., The Deputy Commissioner Of 47, P.S.K.Nagar, V. Income-Tax, Rajapalayam. Corporate Circle-2, Pan Aaacr5284J Madurai. (अपीलाथ"/Appellant) (""यथ"/Respondent)

For Appellant: Shri V. Jagadisan, FCAFor Respondent: Shri U. Anjanayalu, CIT

Section 143(3)Section 263Section 263(2)Section 80I

…der written Representation dated 13/6/2016 that “no accumulated loss is carried forward and adjusted against profit”. 5. The Commissioner of Income Tax failed to consider the judgment of Madras High Court in the case of Velayudhasamy Spinning Mills (P) Ltd. (340 ITR 477) in appreciating the action of Assessing Officer in granting deduction under section 80IA (now confirmed by Hon’ble Supreme Court). 6. The order of Commissioner of Income Tax is not justified in setting aside the Assessment to rework the claim under section 80IA.” - - 3 ITA 2880/Mds/16 3. The facts of the case are that originally assessment…

DCIT, Tiruppur vs. Sri Priyalakshmi Spinners Pvt Ltd, Tiruppur

In the result, the appeal of the assessee is allowed

ITA 43/CHNY/2016[2011-12]Status: DisposedITAT Chennai08 Jun 2017AY 2011-12

Bench: Shri N.R.S. Ganesan & Shri D.S.Sunder Singhआयकर अपील सं./Ita No.2240/Mds/2015 "नधा*रण वष* /Assessment Year: 2011-12

Section 80I

…आयकर अपील"य अ"धकरण, ‘ए’ "यायपीठ, चे"नई। IN THE INCOME TAX APPELLATE TRIBUNAL ‘A’ BENCH: CHENNAI "ी एन.आर.एस. गणेशन, "या"यक सद"य एवं "ी !ड.एस. सु"दर $संह, लेखा सद"य के सम) BEFORE SHRI N.R.S. GANESAN, JUDICIAL MEMBER AND SHRI D.S.SUNDER SINGH, ACCOUNTANT MEMBER आयकर अपील सं./ITA No.2240/Mds/2015 "नधा*रण वष* /Assessment Year: 2011-12 Vs. Shri Priyalakshmi Spinners P. Ltd., The Asst. Commissioner of SF No.119/4, Myvadi Village, Income Tax, Salary Circle-I, Udumaplet – 642 203. Coimbatore. [PAN: AAFCS 0700 H] (अपीलाथ-/Appellant) (./यथ-/Respondent) आयकर अपील सं./ITA No.43/Mds/2016 "नधा*रण वष* /Assessment Year: 201…

Sri Prialakshmi Spinners P Ltd., Chennai vs. ACIT, Coimbatore

In the result, the appeal of the assessee is allowed

ITA 2240/CHNY/2015[2011-12]Status: DisposedITAT Chennai08 Jun 2017AY 2011-12

Bench: Shri N.R.S. Ganesan & Shri D.S.Sunder Singhआयकर अपील सं./Ita No.2240/Mds/2015 "नधा*रण वष* /Assessment Year: 2011-12

Section 80I

…आयकर अपील"य अ"धकरण, ‘ए’ "यायपीठ, चे"नई। IN THE INCOME TAX APPELLATE TRIBUNAL ‘A’ BENCH: CHENNAI "ी एन.आर.एस. गणेशन, "या"यक सद"य एवं "ी !ड.एस. सु"दर $संह, लेखा सद"य के सम) BEFORE SHRI N.R.S. GANESAN, JUDICIAL MEMBER AND SHRI D.S.SUNDER SINGH, ACCOUNTANT MEMBER आयकर अपील सं./ITA No.2240/Mds/2015 "नधा*रण वष* /Assessment Year: 2011-12 Vs. Shri Priyalakshmi Spinners P. Ltd., The Asst. Commissioner of SF No.119/4, Myvadi Village, Income Tax, Salary Circle-I, Udumaplet – 642 203. Coimbatore. [PAN: AAFCS 0700 H] (अपीलाथ-/Appellant) (./यथ-/Respondent) आयकर अपील सं./ITA No.43/Mds/2016 "नधा*रण वष* /Assessment Year: 201…

DCIT, Chatrapatti vs. M/S. Amsteel Castings Pvt. Ltd., Chennai

In the result, the appeal of the Revenue stands dismissed

ITA 3036/CHNY/2016[2012-13]Status: DisposedITAT Chennai31 May 2017AY 2012-13

Bench: Shri N.R.S. Ganesan & Shri D.S. Sunder Singhआयकर अपील सं./Ita No. 3036/Mds/2016 िनधा"रण वष" / Assessment Year : 2012-13 The Deputy Commissioner Of M/S. Amsteel Castings P Ltd., Income Tax, V. 1C Prince Apartments, 59 Ormes Corporate Circle 1(1), Road, Kilpauk, Chennai – 600 010. Chennai – 600 034 Pan:Aaaca5352Q (अपीलाथ"/Appellant) (""यथ"/Respondent) अपीलाथ" क" ओर से/Appellant By : Dr. B. Nischal, Jcit ""यथ" क" ओर से/Respondent By : Shri R.M. Narayanan, Ca सुनवाई क" तारीख/Date Of Hearing : 24.04.2017 घोषणा क" तारीख/Date Of Pronouncement : 31.05.2017 आदेश आदेश /O R D E R आदेश आदेश Per N.R.S. Ganesan:

For Appellant: Dr. B. Nischal, JCITFor Respondent: Shri R.M. Narayanan, CA

Section 80I

…e Revenue and Shri R.M. Narayanan, the Ld. representative for the assessee fairly submitted that the issue is covered in favour of the assessee by the judgment of the Madras High Court in the case of Velayudhaswamy Spinning Mills (P) Ltd. Vs. ACIT reported in 340 ITR 477. In view of the above, this Tribunal do not find any reason to interfere with the order of the lower authority. Accordingly by following the judgment of the Madras High Court in Velayudhaswamy Spinning Mills (P) Ltd. (supra), the appeal of the Revenue stands dismissed. 3. In the result, the appeal of the Revenue stands dismissed. Order pronounc…