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1 - 7 of 7 (0.09 seconds)Super Spinning Mills Ltd., Coimbatore vs Acit, Coimbatore on 18 January, 2017
As per the provisions of Income Tax Act section
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ITA No.94/Viz/2017
JOCIL Ltd. Guntur
80IA, the assesse is entitled to claim the deduction in any 10
consecutive years out of 15 years, beginning from the year in which the
undertaking commenced its eligible business at the option of the
assessee. Therefore the set off losses would commence from the year
in which the assesse first opt to claim the deduction and outer limit is
15 years. Therefore the losses incurred prior to the initial year cannot
be set off against the income of initial and the subsequent assessment
years. The Hon'ble Madras High Court's decision in the case of
Velayudhaswamy Spinning Mills(P) Ltd. Vs. ACIT (supra) is directly on
the issue and in favour of the assessee.
The Income Tax Act, 1961
Section 80IA in The Income Tax Act, 1961 [Entire Act]
Section 6 in The Income Tax Act, 1961 [Entire Act]
Vivimed Labs Ltd., (Formerly Known As ... vs Acit, Circle-3(3), Hyd, Hyderabad on 3 February, 2017
Hon'ble Coordinate Bench's
decision in the case of M/s Hyderabad Chemicals Supplies Ltd. Vs. ACIT
(supra) is in favour of the revenue and the decision of this Tribunal in
Devi Seafoods Ltd. Vs. JCIT (supra) is also in favour of the assessee.
The assessing officer has considered this issue and allowed the
deduction. When there are two views expressed by the courts, if the
decision taken by the assessing officer is in consonance with the one of
the views the same cannot be held to be erroneous.
Cit vs Max India Ltd. on 1 November, 2007
This view is
supported by Honourable Supreme Court judgement in the case of
CIT Vs. Max India Ltd. [295 ITR 0282]. Further, when there is a
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ITA No.94/Viz/2017
JOCIL Ltd. Guntur
conflict between the orders of the Tribunal and the High Courts, the
order of the Hon'ble High Court is having more persuasive value and
the order of the jurisdictional tribunal order is binding on the lower
authorities.
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