Velayudhaswamy Spinning Mills (P) Ltd. v. ACIT

340 ITR 477High Court2012#424 most cited

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.

213

judgments rely on this decision, according to BharatTax’s citation analysis of 366,470 Indian tax judgments — from 2015 to 2026.

Also referred to as

Velayudhaswamy Spinning Mills · Section 80-IA · unabsorbed depreciation · unabsorbed losses · notional carry forward · already set off · eligible business deduction · Section 80-IA(5) · initial assessment year · 340 ITR 477

Also reported as

231 CTR 36838 DTR 57

Sections most often in play

Section 143(3)Section 35DSection 40(a)(i)Section 80-IASection 80HHCSection 35(2AB)Section 147Section 148

Issues it is cited on

section 80ia(5)initial assessment yeareligible businesssection 80ia(4)deduction u/s 80iaunabsorbed depreciationsection 80iasection 80igross total incomedisallowance under section 14acapital expendituresection 80

Judgments citing Velayudhaswamy Spinning Mills (P) Ltd. v. ACIT

ACIT, Chennai vs. M/S. Sahuwalia Flour Mills, Chennai

In the result, the Revenue Appeal for the assessment year 2012-

ITA 2849/CHNY/2016[2012-13]Status: DisposedITAT Chennai29 Dec 2016AY 2012-13

Bench: Shri Sanjay Arora & Shri G. Pavan Kumarआयकर अपील सं./ I.T.A. No. 2849/Mds/2016 "नधा"रण वष"/Assessment Year : 2012-13

For Appellant: Shri G. Ramakrishnan, CA
Section 143(3)Section 80I

…setting off loss of the eligible business of the earlier years. This issue, even as admitted by the parties before us, is squarely covered by the decision by the Hon'ble Jurisdictional High Court in M/s. Sri Velayudhaswamy Spinning Mills Pvt. Ltd., Vs. CIT (231 ITR 368). The Hon'ble Court has therein clarified, that notwithstanding provisions of section 80IA(5), such losses, already set off, cannot be notionally brought forward and adjusted for computing deduction u/s. 80IA of the Act. Further, the Revenue has not accepted the judgment of Madras High Court and filed Special Leave Petition (SLP) in the Hon'bl…

ACIT 21(1), Mumbai vs. Choudhary Exports, Mumbai

The appeal of the Revenue is dismissed

ITA 7423/MUM/2014[2010-11]Status: DisposedITAT Mumbai28 Dec 2016AY 2010-11

Bench: Shri Joginder Singh & Shri Rajesh Kumarassessment Year: 2010-11 Acit-21(1), M/S Choudhary Exports, Room No.116, 1St Floor, A-Block (Basement), बनाम/ Piramal Chambers, Parel, Shiv Sagar Estate, Vs. Mumbai-400012 Dr. A.B. Road, Worli, Mumbai-400018 (राज"व /Revenue) ("नधा"रती /Assessee) Pan. No.Aacfc6777E Shri Rajat Mittal-Dr राज"व क" ओर से / Revenue By "नधा"रती क" ओर से / Assessee By Shri Rajan R. Vora

Section 143(3)Section 8Section 80I

…eduction u/s 80IA of the Act. The Ld. A.R. of the assessee has further stated that this issue is squarely in favour of the assessee by a series of decisions as mentioned below: (a) Velayudhaswamy Spinning Mills Pvt. Ltd. vs. ACIT (2010) 231 CTR (Mad) :[2012] 340 ITR 477 (Mad) (High Court) (After considering Special Bench decision). (b) CIT vs. Emrald Jewel Industry P. Ltd. [2011] 53 DTR 263 (Mad) (High Court) (After considering the above decision) (c) M/s prashant Caterers vs. ITO ITA No. 4226/M/2011 decided on 6.02.2013 (Mumbai Tribunal) 11. Further, the Ld AR has mentioned that in the decisions of Hon'ble Mad…

DCIT, Tiruppur vs. Shri Kandasamy Vasunathan, Tiruppur

In the result, the Revenue Appeal for the assessment year 2013-

ITA 2488/CHNY/2016[2013-14]Status: DisposedITAT Chennai16 Dec 2016AY 2013-14

Bench: Shri Sanjay Arora & Shri G. Pavan Kumarआयकर अपील सं./ I.T.A. No. 2488/Mds/2016 "नधा"रण वष"/Assessment Year : 2013-14

For Appellant: Shri T. Banusekar, CA
Section 143(3)Section 80I

…आयकर अपील"य अ"धकरण, ’ ए ’ "यायपीठ, चे"नई IN THE INCOME TAX APPELLATE TRIBUNAL “A” BENCH, CHENNAI "ी संजय अरोड़ा, लेखा सद"य एवं "ी जी. पवन कुमार, "या"यक सद"य के सम# BEFORE SHRI SANJAY ARORA, ACCOUNTANT MEMBER AND SHRI G. PAVAN KUMAR, JUDICIAL MEMBER आयकर अपील सं./ I.T.A. No. 2488/Mds/2016 "नधा"रण वष"/Assessment Year : 2013-14 The Deputy Commissioner of Shri Kandasamy Vasunathan, Income Tax, Vs. S.F. No. 708/2, Circle - 2, 121, Thatchan Thottam, Sixty Feet Road, Near Govt Hospials, Tirupur - 641 602. Dharapuram Road, Tirupur - 642 608. [PAN: ABPPV 8547H] (अपीलाथ"/Appellant) (""यथ"/Respondent) : None अपीलाथ% क&…

DCIT, CC-Xix, Kolkata vs. M/S International Conveyors Pvt. Ltd., Kolkata

In the result, appeals filed by the revenue in IT(SS)A No

ITA 1366/KOL/2014[2008-2009]Status: DisposedITAT Kolkata05 Dec 2016AY 2008-2009

Bench: Dr. A.L.Saini, Am & Shri K. Narasimha Chary, Jm It(Ss)A No.131/Kol/2014 ("नधा"रण वष" / Assessment Year :2008-2009) Dcit, Cc-Xix, Kolkata Vs. M/S.International Conveyors Pvt.Ltd.,10,Middletion Row, Kolkata-700071 "थायी लेखा सं./जीआइआर सं./Pan/Gir No. : Aaci 6161 K .. (अपीलाथ" /Appellant) (""यथ" / Respondent) Dcit, Cc-Xix, Kolkata Vs. M/S International Conveyors Pvt.Ltd.,10,Middletion Row, Kolkata-700071 "थायी लेखा सं./जीआइआर सं./Pan/Gir No. : Aaci 6161 K .. (अपीलाथ" /Appellant) (""यथ" / Respondent) It(Ss)A No.90/Kol/2014 ("नधा"रण वष" / Assessment Year :2009-2010) Dcit, Cc-Xix, Kolkata Vs. M/S International Conveyors Pvt.Ltd.,10,Middletion Row, Kolkata-700071 "थायी लेखा सं./जीआइआर सं./Pan/Gir No. : Aaci 6161 K (अपीलाथ" /Appellant) .. (""यथ" / Respondent) It(Ss)A No.91/Kol/2014 ("नधा"रण वष" / Assessment Year :2010-2011) Dcit, Cc-Xix, Kolkata Vs. M/S International Conveyors Pvt.Ltd.,10,Middletion Row, Kolkata-700071 "थायी लेखा सं./जीआइआर सं./Pan/Gir No. : Aaci 6161 K .. (अपीलाथ" /Appellant) (""यथ" / Respondent) It(Ss)A No.92/Kol/2014 ("नधा"रण वष" / Assessment Year :2011-2012) Dcit, Cc-Xix, Kolkata Vs. M/S International Conveyors Pvt.Ltd.,10,Middletion Row, Kolkata-700071 "थायी लेखा सं./जीआइआर सं./Pan/Gir No. : Aaci 6161 K .. (अपीलाथ" /Appellant) (""यथ" / Respondent)

For Appellant: Shri A.K.Tibrewal, FCAFor Respondent: Shri Niraj Kumar, CIT DR
Section 14ASection 153Section 153ASection 43BSection 80

…ed depreciation from the profit and since after setting off there was NIL income, the AO did not allow the deduction. It is seen that the issue has been considered in the decision of Madras High Court in the case of Velayudhaswamy Spinning Mills Ltd vs. ACIT, 231 CTR 368 and it has been held that there is no question of setting off notionally carried forward unabsorbed depreciation or loss against the profits of the Unit, in this case the High Court upheld the finding the ITAT as under- 6 IT(SS)A No.90-93, 131 & ITA No.1366/Kol/2014 M/s International Conveyors Pvt. Ltd. "At the cost of repetition, we make it cl…

DCIT, Tiruppur vs. Rbr Garments Pvt Ltd., Tiruppur

In the result, the Revenue Appeal for the assessment year 2010-

ITA 1699/CHNY/2016[2010-11]Status: DisposedITAT Chennai30 Nov 2016AY 2010-11

Bench: Shri Sanjay Arora & Shri G. Pavan Kumarआयकर आयकर अपील आयकर आयकर अपील अपील संसंसंसं././././ I.T.A.No.1699/Mds/2016 अपील & C.O. No. 94/Mds/2016 िनधा"रण िनधा"रण वष" िनधा"रण िनधा"रण वष" वष"/Assessment Year : 2010-11 वष"

For Appellant: Mrs. H. Kabila, JCITFor Respondent: None
Section 80I

…an appeal before the Commissioner of Income Tax (Appeals). 5. On appeal, the Commissioner of Income Tax (Appeals) observed that the issue is covered by the jurisdictional High Court order in the case of CIT Vs. Velayuthasamy Spinning Mills 231 CTR 368 and 340 ITR 477 and allowed the claim of the assessee. Against Commissioner of Income Tax (Appeals) order, the Revenue assailed an appeal before Tribunal. 6. We heard the rival submissions and perused the material on record. The Ld. DR argued the grounds and we found on perusal of Assessment Order at page 3 that the Revenue has not accepted the judgment of M…

ITO, Tiruppur vs. M/S. Indoflex Screen Print Supplies, Tiruppur

In the result, both the appeals filed by the department stands

ITA 2128/CHNY/2016[2012-13]Status: DisposedITAT Chennai25 Nov 2016AY 2012-13

Bench: Shri N.R.S. Ganesan & Shri A. Mohan Alankamony

For Appellant: Shri N.Madhavan, JCITFor Respondent: None
Section 80I

…arises for consideration is disallowance of deduction claimed by the assessee under Section 80IA. The CIT(A) allowed the claim of the assessee on the basis of the judgment of the Madras High Court in CIT Vs. Velayuthasamy Spinning Mills (P) Ltd. reported in 231 ITR 368. According to the learned department representative, the revenue has already filed the special leave petition before the Apex Court. Therefore, the CIT(A) is not justified in allowing the claim of the assessee. We have considered the rival submissions on either side and 3. perused the material on record. The claim of 80IA is allowed by CIT(A)…

DCIT, Coimbatore vs. M/S. Surya Spinning Mills, Pollachi

In the result, both the appeals filed by the department stands

ITA 2126/CHNY/2016[2012-13]Status: DisposedITAT Chennai25 Nov 2016AY 2012-13

Bench: Shri N.R.S. Ganesan & Shri A. Mohan Alankamony

For Appellant: Shri N.Madhavan, JCITFor Respondent: None
Section 80I

…arises for consideration is disallowance of deduction claimed by the assessee under Section 80IA. The CIT(A) allowed the claim of the assessee on the basis of the judgment of the Madras High Court in CIT Vs. Velayuthasamy Spinning Mills (P) Ltd. reported in 231 ITR 368. According to the learned department representative, the revenue has already filed the special leave petition before the Apex Court. Therefore, the CIT(A) is not justified in allowing the claim of the assessee. We have considered the rival submissions on either side and 3. perused the material on record. The claim of 80IA is allowed by CIT(A)…

DCIT, Madurai vs. Vtm Limited, Virudhunagar

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

ITA 2353/CHNY/2015[2011-12]Status: DisposedITAT Chennai23 Nov 2016AY 2011-12

Bench: Shri N.R.S. Ganesan & Shri D.S. Sunder Singhआयकर अपील सं./Ita No.2353/Mds/2015 "नधा"रण वष" / Assessment Year : 2011-12 The Deputy Commissioner Of M/S Vtm Limited, Income Tax, V. Sulakarai, Virudhunagar. Corporate Circle – 2, Madurai. Pan : Aaacv 3775 E (अपीलाथ"/Appellant) (""यथ"/Respondent)

For Appellant: Shri Supriyo Pal, JCITFor Respondent: Shri R. Srinivasan, Advocate
Section 80

…lso used the electricity generated by windmill for captive consumption. On appeal by the assessee, the CIT(Appeals) allowed the claim of the assessee by placing reliance on the judgment of Madras High Court in Velayudhaswamy Spinning Mills (P) Ltd. v. ACIT (340 ITR 477). 3. We have carefully gone through the orders of both the authorities below and the judgment of Madras High Court in Velayudhaswamy Spinning Mills (P) Ltd. (supra). This Tribunal is of the considered opinion that even though the electricity is used for captive consumption, the assessee is eligible for deduction under Section 80-IA of the Act. M…

Calibre Chemicals P.Ltd, Mumbai vs. DCIT Cir 3(1), Mumbai

In the result, appeal of the assessee is allowed

ITA 7265/MUM/2014[2010-11]Status: DisposedITAT Mumbai09 Nov 2016AY 2010-11

Bench: Shri B.R.Baskaran & Shri Pawan Singh

For Appellant: Shri Hiro Rai (AR)For Respondent: Shri C.W. Angolkar (DR)
Section 253Section 80Section 80I

…see of claiming eligibility u/s 80IA. Ld. AR of the assessee further argued that the grounds of appeal raised in the present appeal are covered in his favour by the decision of Hon’ble Madras High Court in Velayudhaswamy Spinning Mills P. Ltd. vs. ACIT [2012] 340 ITR 477 (Mad). On the other hand, ld. DR for Revenue strongly relied upon the orders of authorities below. 4. We have considered the rival contention of the parties and gone through the orders of authorities below. There is no dispute that eligible unit t commenced production in AY-2006-07. Accordingly, the assessee claimed benefit from AY 2008-09 and t…

DCIT, Chennai vs. Precision Equipments (Chennai) Pvt. Ltd., Chennai

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

ITA 2049/CHNY/2016[2011-12]Status: DisposedITAT Chennai28 Oct 2016AY 2011-12

Bench: Shri N.R.S. Ganesan & Shri D.S. Sunder Singhआयकर अपील सं./Ita No.2049/Mds/2016 "नधा"रण वष" / Assessment Year : 2011-12 The Deputy Commissioner Of M/S Precision Equipments Income Tax, V. (Chennai) Pvt. Ltd., Corporate Circle – 5(2), No.26, Mount Poonamallee Road, Chennai - 600 034. Nandambakkam, Chennai - 600 089. Pan : Aabcp 3452 H (अपीलाथ"/Appellant) (""यथ"/Respondent)

For Appellant: Shri Shiva Srinivas, JCITFor Respondent: Sh. N. Devanathan, Advocate
Section 80

…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 केसम" BEFORE SHRI N.R.S. GANESAN, JUDICIAL MEMBER AND SHRI D.S. SUNDER SINGH, ACCOUNTANT MEMBER आयकर अपील सं./ITA No.2049/Mds/2016 "नधा"रण वष" / Assessment Year : 2011-12 The Deputy Commissioner of M/s Precision Equipments Income Tax, v. (Chennai) Pvt. Ltd., Corporate Circle – 5(2), No.26, Mount Poonamallee Road, Chennai - 600 034. Nandambakkam, Chennai - 600 089. PAN : AABCP 3452 H (अपीलाथ"/Appellant) (""यथ"/Respondent) अपीलाथ" क" ओर से/Appellant…

ACIT, Bangalore vs. M/S Khivraj Motors, Bangalore

In the result, the departmental appeal is dismissed

ITA 1051/BANG/2015[2010-11]Status: DisposedITAT Bangalore19 Oct 2016AY 2010-11

Bench: Shri A. K. Garodia & Smt Asha Vijayaraghavan

For Appellant: Shri H. N. Kincha, CAFor Respondent: None
Section 80ISection 81I

…(Rs.) 2005-2006 1,48,60,154.20 2006-2007 2,89,29,020.00 2007-2008 1,28,14,240.20 2008-2009 2,15,76,365.20 2009-2010 1,67,50,540.60 Total 9,49,30,319.00 4. The CIT (A) held that the decision in the case of M/s. Velayudhaswamy Spinning Mills (P) Ltd., (Supra) 340 ITR 477 which has been upheld by the Hon’ble Karnataka High Court in the case of CIT Vs. Shri. Anil H. Lad 102 DTR Karnataka 241 would apply to the present case. The CIT (A) held that when the assessee exercises the option, the only losses of the years beginning from initial assessment year alone are to be brought forward and no losses of earlier years w…

DCIT, Coimbatore vs. Emerald Jewel Industry India Ltd., Coimbatore

In the result, the assessee’s appeal in I

ITA 1811/CHNY/2015[2011-12]Status: DisposedITAT Chennai07 Oct 2016AY 2011-12

Bench: Shri N.R.S. Ganesan & Shri A. Mohan Alankamonyआयकर अपील सं./Ita No.1811/Mds/2015 "नधा"रण वष" / Assessment Year : 2011-12

For Appellant: Shri S. Sridhar, AdvocateFor Respondent: Shri V. Nandakumar, JCIT

…आयकर अपील"य अ"धकरण, ‘बी’ "यायपीठ, चे"नई IN THE INCOME TAX APPELLATE TRIBUNAL ‘B’ BENCH, CHENNAI "ी एन.आर.एस. गणेशन, "या"यक सद"य एवं "ी ए. मोहन अलंकामणी, लेखा सद"य केसम" BEFORE SHRI N.R.S. GANESAN, JUDICIAL MEMBER AND SHRI A. MOHAN ALANKAMONY, ACCOUNTANT MEMBER आयकर अपील सं./ITA No.1811/Mds/2015 "नधा"रण वष" / Assessment Year : 2011-12 The Deputy Commissioner of M/s Emerald Jewel Industry India Ltd., Income Tax, v. 230, T.V. Samy Road (East), Corporate Circle -2, R.S. Puram, 63-A, Race Course Road, Coimbatore – 641 002. Coimbatore. PAN : AABCE 3430 A (अपीलाथ"/Appellant) (""यथ"/Respondent) आयकर अपील सं./ITA No.…

Emerald Jewel Industry India Limited, Coimbatore vs. Addl. CIT, Coimbatore

In the result, the assessee’s appeal in I

ITA 1491/CHNY/2015[2011-12]Status: DisposedITAT Chennai07 Oct 2016AY 2011-12

Bench: Shri N.R.S. Ganesan & Shri A. Mohan Alankamonyआयकर अपील सं./Ita No.1811/Mds/2015 "नधा"रण वष" / Assessment Year : 2011-12

For Appellant: Shri S. Sridhar, AdvocateFor Respondent: Shri V. Nandakumar, JCIT

…आयकर अपील"य अ"धकरण, ‘बी’ "यायपीठ, चे"नई IN THE INCOME TAX APPELLATE TRIBUNAL ‘B’ BENCH, CHENNAI "ी एन.आर.एस. गणेशन, "या"यक सद"य एवं "ी ए. मोहन अलंकामणी, लेखा सद"य केसम" BEFORE SHRI N.R.S. GANESAN, JUDICIAL MEMBER AND SHRI A. MOHAN ALANKAMONY, ACCOUNTANT MEMBER आयकर अपील सं./ITA No.1811/Mds/2015 "नधा"रण वष" / Assessment Year : 2011-12 The Deputy Commissioner of M/s Emerald Jewel Industry India Ltd., Income Tax, v. 230, T.V. Samy Road (East), Corporate Circle -2, R.S. Puram, 63-A, Race Course Road, Coimbatore – 641 002. Coimbatore. PAN : AABCE 3430 A (अपीलाथ"/Appellant) (""यथ"/Respondent) आयकर अपील सं./ITA No.…

Gamzen Plast P.Ltd, Mumbai vs. ITO 6(3)(1), Mumbai

In the result, appeal of the assessee is allowed in part in terms indicated hereinabove

ITA 7449/MUM/2014[2010-11]Status: DisposedITAT Mumbai04 Oct 2016AY 2010-11
For Appellant: Shri. B.V.JhaveriFor Respondent: Shri. Jeevanlal Lavedia
Section 143(3)Section 80Section 80I

…bed loss of earlier years which have already been set off by the assessee against the income of non-eligible unit. 6. Reliance was placed by learned A.R. on the decision of the Madras High Court in the case of Velayudhaswamy Spinning Mills Pvt. Ltd. vs. ACIT (340 ITR 477) wherein under similar circumstances the Court held as under: "18. From a reading of the above, it is clear that the eligible business were the only source of income, during the previous year relevant to the initial assessment year and every subsequent assessment years. When the assessee exercises the option, the only losses of the years beginnin…

DCIT, Tiruppur vs. Kesharinandan Knit Fabrics (P) Ltd., Tiruppur

In the result, the appeals of the of the Revenue are 3

ITA 1982/CHNY/2016[2013-14]Status: DisposedITAT Chennai30 Sept 2016AY 2013-14

Bench: Shri Abraham P. George & Shri G. Pavan Kumarआयकर अपील सं./I.T.A. No. 1980/Mds/2016 "नधा"रण वष" /Assessment Year : 2013-2014

For Appellant: Shri. Supriyo Pal, JCITFor Respondent: Shri. M. Narayanan, Addl
Section 80I

…as not to be notionally carried forward and set off before granting such deduction. The ld. Commissioner of Income Tax (Appeals) had followed the judgment of Hon’ble Jurisdictional High Court in the case of M/s. Sri Valayuthasamy Spinning Mills Ltd vs. ACIT 340 ITR 477. The contention of the Revenue before us is that the assessees had claimed deduction u/s 80IA(4) of the Act without setting off of the depreciation of the said units for the earlier years. As against this, claim of the assessees are that such depreciation loss was already adjusted and therefore, notional loss could not be brought forward and fo…

DCIT, Tiruppur vs. Sueera Alloys Global P Ltd., Avanashi

In the result, the appeals of the of the Revenue are 3

ITA 1980/CHNY/2016[2013-14]Status: DisposedITAT Chennai30 Sept 2016AY 2013-14

Bench: Shri Abraham P. George & Shri G. Pavan Kumarआयकर अपील सं./I.T.A. No. 1980/Mds/2016 "नधा"रण वष" /Assessment Year : 2013-2014

For Appellant: Shri. Supriyo Pal, JCITFor Respondent: Shri. M. Narayanan, Addl
Section 80I

…as not to be notionally carried forward and set off before granting such deduction. The ld. Commissioner of Income Tax (Appeals) had followed the judgment of Hon’ble Jurisdictional High Court in the case of M/s. Sri Valayuthasamy Spinning Mills Ltd vs. ACIT 340 ITR 477. The contention of the Revenue before us is that the assessees had claimed deduction u/s 80IA(4) of the Act without setting off of the depreciation of the said units for the earlier years. As against this, claim of the assessees are that such depreciation loss was already adjusted and therefore, notional loss could not be brought forward and fo…

JCIT, Chennai vs. Chettinad Morimura Semiconductor Material Pvt Ltd., Kancheepuram

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

ITA 1537/CHNY/2016[2010-11]Status: DisposedITAT Chennai30 Sept 2016AY 2010-11

Bench: Shri N.R.S. Ganesan & Shri A. Mohan Alankamonyआयकर अपील सं./Ita No. 1537/Mds/2016 "नधा"रण वष" / Assessment Year : 2010-11 The Joint Commissioner Of M/S Chettinad Morimura Income Tax (Osd), V. Semiconductor Material Pvt. Ltd., Corporate Circle – 1(2), No.37, Old Mahabalipuram Road, Chennai - 600 034. Kazhipattur Village, Kanchipuram – 603 103. Pan : Aaacc 2461 Q (अपीलाथ"/Appellant) (""यथ"/Respondent)

For Appellant: Shri V. Nanda Kumar, JCITFor Respondent: Shri K.B. Muralidharan, CA

…und that the assessee cannot have double benefit by adjusting the depreciation loss by the eligible business against the income of the taxable business. Referring to the judgement of Madras High Court in Velayudhaswamy Spinning Mills (P) Ltd. v. ACIT (2012) 340 ITR 477, the Ld. D.R. submitted that the Revenue has already filed an appeal in the Supreme Court against the judgement of Madras High Court. Therefore, the Assessing Officer has not followed the judgement of Madras High Court. On a query from the Bench, when the CBDT instructed its officers to withdraw all the appeals filed against the judgement of M…

DCIT, Tiruppur vs. Centwin Textile Mills Pvt Ltd., Tiruppur

In the result, the appeals of the of the Revenue are 3

ITA 1897/CHNY/2016[2012-13]Status: DisposedITAT Chennai23 Sept 2016AY 2012-13

Bench: Shri Abraham P. George & Shri G. Pavan Kumarआयकर अपील सं./I.T.A. No. 1894/Mds/2016 "नधा"रण वष" /Assessment Year : 2013-2014

For Appellant: Shri. Supriya Pal, IRS, JCITFor Respondent: Shri. N. Vijaykumar, C.A
Section 80I

…was not to be notionally carried forward and set off before granting such deduction. The ld. Commissioner of Income Tax (Appeals) had followed the judgment of Hon’ble Jurisdictional High Court in the case of M/s. Sri Valayuthasamy Spinning Mills Ltd vs. ACIT 340 ITR 477. The contention of the Revenue before us is that the assessees had claimed deduction u/s 80IA(4) of the Act without setting off of the depreciation of the said units for the earlier years. As against this, claim of the assessees are that such depreciation loss was already adjusted and therefore, notional loss could not be brought forward and fo…

DCIT, Tiruppur vs. Royal Classic Mills Pvt Ltd., Tiruppur

In the result, the appeals of the of the Revenue are 3

ITA 1896/CHNY/2016[2013-14]Status: DisposedITAT Chennai23 Sept 2016AY 2013-14

Bench: Shri Abraham P. George & Shri G. Pavan Kumarआयकर अपील सं./I.T.A. No. 1894/Mds/2016 "नधा"रण वष" /Assessment Year : 2013-2014

For Appellant: Shri. Supriya Pal, IRS, JCITFor Respondent: Shri. N. Vijaykumar, C.A
Section 80I

…was not to be notionally carried forward and set off before granting such deduction. The ld. Commissioner of Income Tax (Appeals) had followed the judgment of Hon’ble Jurisdictional High Court in the case of M/s. Sri Valayuthasamy Spinning Mills Ltd vs. ACIT 340 ITR 477. The contention of the Revenue before us is that the assessees had claimed deduction u/s 80IA(4) of the Act without setting off of the depreciation of the said units for the earlier years. As against this, claim of the assessees are that such depreciation loss was already adjusted and therefore, notional loss could not be brought forward and fo…

DCIT, Tiruppur vs. Anugraha Fashion Mills Pvt Ltd., Tiruppur

In the result, the appeals of the of the Revenue are 3

ITA 1895/CHNY/2016[2013-14]Status: DisposedITAT Chennai23 Sept 2016AY 2013-14

Bench: Shri Abraham P. George & Shri G. Pavan Kumarआयकर अपील सं./I.T.A. No. 1894/Mds/2016 "नधा"रण वष" /Assessment Year : 2013-2014

For Appellant: Shri. Supriya Pal, IRS, JCITFor Respondent: Shri. N. Vijaykumar, C.A
Section 80I

…was not to be notionally carried forward and set off before granting such deduction. The ld. Commissioner of Income Tax (Appeals) had followed the judgment of Hon’ble Jurisdictional High Court in the case of M/s. Sri Valayuthasamy Spinning Mills Ltd vs. ACIT 340 ITR 477. The contention of the Revenue before us is that the assessees had claimed deduction u/s 80IA(4) of the Act without setting off of the depreciation of the said units for the earlier years. As against this, claim of the assessees are that such depreciation loss was already adjusted and therefore, notional loss could not be brought forward and fo…