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TMI Blog2018 (2) TMI 112X X X X Extracts X X X X X X X X Extracts X X X X ..... itial assessment year alone are to be brought forward and no losses of earlier years which were already set off against the income of assessee, can be looked into. - Decided in favour of assessee Addition u/s 40(a)(ia) on account of non-deduction of TDS on the Wheeling Charges paid to MSEB - Held that:- It is an agreed position by the parties that this issue is concluded against the Revenue and in favour of the Assessee by the decision of this Court in Commissioner of Income Tax Vs. Maharashtra State Electricity Distribution Co.Ltd [2015 (5) TMI 396 - BOMBAY HIGH COURT] Appeal is admitted on the substantial questions of law as listed at Sr.No. 1 - Whether on the facts and circumstances of the case and in law, the Tribunal was justif ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... reading of Section 80IA(4) and 80IA(5) makes it amply clear that the deduction is with reference to the profits derived from eligible business of the assessee and not with reference to the profits derived from every unit engaged in the eligible business? 3. Whether on the facts and circumstances of the case and in law, the Tribunal erred in upholding the decision of CIT[A], Kolhapur in deleting the addition made by the Assessing Officer under Section 40(a)(ia) on account of nondeduction of TDS on the Wheeling Charges paid to MSEB of R. 2,49,179/? 3. Re. Question 2: (a) For the subject assessment years, the Respondent had claimed deduction under Section 80IA(iv)(a) of the Act in respect of the windmills installed at Satara. Th ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... depart from the above view of the Madras High Court. (e) The learned Counsel for the parties invite our attention to the order of this Court in Commissioner of Income- Tax Vs. Hercules Hoists Ltd Income Tax No. 707 of 2014 decided on 14 June 2017.. in relation to assessment year 2009-10 where an identical question had been raised by the Revenue, as raised herein. This Court by an order dated 14 June 2017 in Hercules Hoists Ltd. (supra), dismissed the Revenue's Appeal by placing reliance upon the decision of the Madras High Court in Velayudhaswamy Spinning Mills (P) Limited (supra) and also recording the fact that the SLP filed from the order of the Madras High Court was dismissed on 5 September 2016. It has been held that only losses ..... X X X X Extracts X X X X X X X X Extracts X X X X
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