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TMI Blog2014 (7) TMI 858X X X X Extracts X X X X X X X X Extracts X X X X ..... ed to controvert the same - only AY 2000-01 instead of 1995-96 has to be held as the ‘initial assessment year’ for the purpose of sec 80IA deduction –Relying upon M/s. Velayutha Swamy Spinning Mills vs. ACIT [2010 (3) TMI 860 - Madras High Court] - unabsorbed depreciation and carried forward business losses pertaining to AY 1995-96 to 1999-2000 could not have been ordered to be set off against inc ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 62,37,984/- and F.65,27,438/- respectively. The second common ground challenges action of the lower authorities computing income of both assessment years by notionally bringing forward unabsorbed depreciation/ losses on a standalone basis as per Sec 80IA(5). Therefore, we take up ITA No. 649/Mds/2014 as the lead case . 3. The assessee; a company is engaged in manufacturing and export. It als ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... vant initial assessment year for the purpose of impugned deduction would be the said assessment year and not assessment year 2000-2001. Similarly, he noticed assessee s unabsorbed depreciation and carried forward business losses pertaining to assessment years 1995-96 to 1999-2000. In his opinion, once the initial assessment year u/s. 80IA(4) (iv) had been held to be 1995-96 and not 2000-2001, ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... edings. There is no challenge to validity of the reopening. On 03.06.2014, the assessee has also filed written submissions stating that a co-ordinate bench of this tribunal has already held assessment year 2000-2001 as the initial assessment year for the purpose of claiming impugned deduction u/s. 80IA. 6. In the course of hearing, the assessee draws our attention to order of the co-ordinate ..... X X X X Extracts X X X X X X X X Extracts X X X X
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