Deputy Commissioner Of Income-Tax,, vs General Industrial Controls Pvt. ... on 30 November, 2016
assessee. The first year of claim of deduction by the eligible unit was assessment
year 2003-04, which is the initial year and the assessee has claimed the said
deduction thereafter. In the earlier years, the losses arising on account of the
windmill unit have already been set-off against other income and the assessee
claims that the same could not be notionally carried forward to the later years i.e.
the year in which the assessee had claimed the deduction under section 80IA of
the Act. We find that the said issue of allowability of deduction under section 80IA
of the Act and non setting-off of brought forward losses from the earlier years is
now settled by the latest decision of the Hon'ble Madras High Court in CIT vs. P.
V. Chandran (supra) wherein it has been held that :-