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TMI Blog2018 (7) TMI 489X X X X Extracts X X X X X X X X Extracts X X X X ..... 38 of 2018 - - - Dated:- 3-7-2018 - S. Manikumar And Subramonium Prasad, JJ. For the Appellant : Mr.T.R.Senthil Kumar JUDGMENT ( Judgement of this Court was made by S. Manikumar, J. ) Challenge in this Tax Appeal, is to an order passed by the Income Tax Appellate Tribunal in ITA No.116/Mds/2014, dated 28.03.2014, by which, the Tribunal dismissed the appeal preferred by the Revenue, against the order of the Commissioner of Income-Tax (Appeals) dated 30.10.2013, for the Assessment Year 2006-07. 2. Revenue has come up with the above appeal, raising the following substantial question of law:- Whether the Appellate Tribunal right in law in holding that assessee is entitled to deduction under Section 80IA without setting ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... re-opened again, for the purpose of computation of current year income, under Section 80-I and 80-IA of the Act. 5. Velayudhaswamy Spinning Mills Pvt. Ltd.,'s case (stated supra), has been followed in CIT v. R.Yuvaraj reported in [2015] 57 TAXMANN.COM 252 (Madras), wherein, it is held that though it is contended that SLP filed against the above reported judgment, is pending on the file of the Hon'ble Supreme Court, the effect of the same, would not amount to reversal or erase the dictum. 6. Material on record discloses that while confirming the order of the Commissioner of Income-Tax (Appeal), the Income-Tax Appellate Tribunal, at paragraph Nos.6 and 7 held as follows: 6. Aggrieved, the assessee preferred an appeal. In th ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ch wind mill divisions is a separate entity by itself and the option of claiming deduction u/s 80IA lies with the assessee. The assessee has also quoted the case of Sri Velayudhasamy Spinning Mills Pvt. Ltd (231 CTR 368) (Madras) rendered by the jurisdictional High Court. On perusal of the facts of the case it is seen that the assessee is entitled to exercise its option on claiming 80IA deduction in respect of different wind mill divisions. There is no compulsion in the Act to treat the activity as an aggregate and common unit. Further, the decision in the case of Sri Velayudhasamy Spinning Mills Pvt Ltd will apply in respect of the claim for the set off of losses. Therefore the assessee's appeal is allowed. This leaves the Revenu ..... X X X X Extracts X X X X X X X X Extracts X X X X
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