2016 (9) TMI 1651 - SCH - Income Tax

Deduction u/s 80IA - loss carry forward and set off against the income from the year in which the assessee started claiming deduction u/s 80-IA - HELD THAT - We have heard learned counsel for the parties and are of the opinion that the issue involved in these matters has already been decided by this Court in the case of Assistant Commissioner of Income Tax, Tirupur vs. M/s. Velayudhaswamy Spinning Mills Pvt. Ltd. 2016 (11) TMI 373 - SC ORDER - As a consequence, all these civil appeals as well as special leave petitions are dismissed.

Summary

Issues:
- Interpretation of a legal issue previously decided by the Supreme Court in Assistant Commissioner of Income Tax v. M/s. Velayudhaswamy Spinning Mills Pvt. Ltd.

Analysis:

The Supreme Court, comprising A.K. Sikri and N.V. Ramana JJ., after considering the arguments presented by the counsels, opined that the matter at hand had already been settled in a previous order dated 05.09.2016 in the case of Assistant Commissioner of Income Tax v. M/s. Velayudhaswamy Spinning Mills Pvt. Ltd. Consequently, the Court dismissed all the civil appeals and special leave petitions related to the issue. The judgment indicates the importance of precedent and the binding nature of previous decisions by the Supreme Court, highlighting the principle of stare decisis in maintaining consistency and certainty in legal interpretations.