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TMI Blog2016 (6) TMI 383X X X X Extracts X X X X X X X X Extracts X X X X ..... the Court was made by S. Manikumar, J. ) Challenge in this Tax Case Appeal, is to an order made by the Income Tax Appellate Tribunal in I.T.A.No.311/Mds/2015, dated 15.05.2015, by which, the Tribunal has dismissed the appeal preferred by the revenue, against the order of the Commissioner of Income-Tax, dated 27.11.2014. 2. Short facts leading to the appeal are that the assessee filed the return for the assessment year 2011-12, on 29.09.2011, admitting the total income of ₹ 15,19,456/-. The nature of business of the assessee is to export home textiles products and generate power using wind energy. The case was selected for scrutiny under CASS and Notice, under Section 143(2) of the Income Tax Act, was issued. The Assessment Offi ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... everses the decision given by this Court in Velayudhaswamy Spinning Mills Pvt. Ltd.,'s case (stated supra), the Assessing Officer may accordingly take suitable remedial action. 4. Being aggrieved by the same, the the Assistant Commissioner of Income-Tax, Trichy, filed an appeal before the Income-Tax Appellate Tribunal, B Bench, Chennai. After hearing the learned counsel appearing for the department and by observing that the decision of this Court in Velayudhaswamy Spinning Mills Pvt. Ltd.,'s case (stated supra), is squarely applicable to the facts of the case, the Tribunal dismissed the appeal filed by the revenue. 5. Mr.J.Narayanasamy, learned counsel appearing for the revenue assailed the correctness of the order of the Inco ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ed by an undertaking or an enterprise from any business referred to in sub-section (4) (such business being hereinafter referred to as the eligible business), there shall, in accordance with and subject to the provisions of this section, be allowed, in computing the total income of the assessee, a deduction of an amount equal to hundred per cent of the profits and gains derived from such business for ten consecutive assessment years. 7. In Velayudhaswamy Spinning Mills Pvt. Ltd.,'s case (stated supra), the assessee therein was engaged in the business of manufacture of IMFL products, generation of power through wind and biomass and also trading in iron ore and coal. The return of income for the assessment year 2004-05 was filed on 1 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 00 which is the first/initial assessment year for the purpose of deduction under Section 80-IA, as additional evidence and holding that the assessment year 2004-05 is first/initial assessment year in which the assessee had claimed the deduction under s. 80-IA? (2) Whether in the facts and circumstances of the case, the Tribunal was right in holding that carried forward loss and unabsorbed depreciation cannot be set off against the profits of the units and therefore the assessee is entitled for deduction under Section 80-IA r/w Section 80AB? and Whether in the facts and circumstances of the case, the Tribunal was right in holding that the assessee has the option to choose the first/initial assessment year of claim for deduction under s. 80-I ..... X X X X Extracts X X X X X X X X Extracts X X X X
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