9911796707
TMI Blog2016 (2) TMI 468X X X X Extracts X X X X X X X X Extracts X X X X ..... ) - Decided in favour of the assessee. - Tax Case Appeal No. 1228 of 2015 - - - Dated:- 12-1-2016 - M. Jaichandren And S. Vimala, JJ. For the Appellant : Mr. T. R. Senthil Kumar JUDGMENT ( The Judgment of the Court was made by M. Jaichandren,J. ) This Tax Case Appeal has been filed against the order of the Income Tax Appellate Tribunal 'C' Bench, Chennai, dated 31.7.2015, made in I.T.A.No.294/Mds./2015. 2. The brief facts of the case, necessary for the disposal of the appeal, are as follows: 2.1) The assessee, the respondent herein, is an individual having income from the sale of lottery tickets, money lending and also from generating power through windmills. The assessee had filed its revised return of inc ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ecision of this Court, in Velayudhaswamy Spinning Mills (P) Ltd. Vs. Assistant Commissioner of Income Tax, (231 CTR (Mad.) 368). As such, the claim of the assessee had been allowed. Aggrieved by the order passed by the Commissioner of Income Tax (Appeals), the Revenue had filed an appeal before the Income Tax Appellate Tribunal 'C' Bench, Chennai. The Tribunal, by its impugned order, dated 31.7.2015, had dismissed the appeal following the decision of this Court, in Velayudhaswamy Spinning Mills (P) Ltd. Vs. Assistant Commissioner of Income Tax, (231 CTR (Mad.) 368). 3. Challenging the order of the Tribunal, dated 31.7.2015, the Department has filed the present appeal, before this Court, under Section 260A of the Act, raising the ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... gainst other income in earlier years could not be carried forward and set off against profits or income of initial/subsequent years in respect of windmill in computing the deduction under Section 80IA. c. The Income Tax Appellate Tribunal erred in holding that the initial assessment year shall be first year in which the assessee opts to make the claim or the sixth year where the assessee had not opted in the earlier years. The Tribunal failed to appreciate that the year of commencement is to be considered as the initial assessment year for the purpose of determining the deduction under Section 80 IA. d. The Income Tax Appellate Tribunal failed to appreciate the memorandum explaining the provisions in Finance (No 2) Bill 1980 (12 ..... X X X X Extracts X X X X X X X X Extracts X X X X
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