ASSISTANT COMMISSIONER OF INCOME TAX Vs. INTEX

JUDGEMENT

(1.) THIS appeal is filed by the Revenue against the order of the Commissioner of Income Tax (Appeals) Tiruchirapalli dated 23.10.2013 for the assessment year 2010 -11.

(2.) THE first issue in the grounds of appeal of the Revenue is that Commissioner of Income Tax (Appeals) ought to have taken into consideration that losses from windmill business for the assessment years 2004 -05 to 2006 -07 have to be set off only against profit from windmill business of the assessment year 2010 -11.

(3.) AT the time of hearing, counsel for the assessee submits that this issue is squarely covered by the judgement of jurisdictional High Court in the case of Velayudhaswamy Spinning Mills Ltd. v. ACIT ( : 340 ITR 477) which the Commissioner of Income Tax (Appeals) followed. Counsel for the assessee supports the order of the Commissioner of Income Tax (Appeals).