Division Bench comprising Justice Dr. Anita Sumanth and Justice Mummine­ni Sudheer Kumar observed that Section 80IA permits a forward-looking computation from the initial assessment year chosen by the assessee.”

[15/02, 08:29] Sekarreporter: “Division Bench comprising Justice Dr. Anita Sumanth and Justice Mummine­ni Sudheer Kumar observed that Section 80IA permits a forward-looking computation from the initial assessment year chosen by the assessee.”
https://www.taxscan.in/top-stories/madras-hc-dismisses-departments-appeal-on-tax-holiday-deduction-computation-us-80ia-and-80hhc-1443025#:~:text=Division%20Bench%20comprising%20Justice%20Dr.%20Anita%20Sumanth%20and%20Justice%20Mummine%C2%ADni%20Sudheer%20Kumar%20observed%20that%20Section%2080IA%20permits%20a%20forward%2Dlooking%20computation%20from%20the%20initial%20assessment%20year%20chosen%20by%20the%20assessee.
[15/02, 08:29] Meta AI: Madras High Court dismissed a tax appeal filed by the Revenue, holding that losses or depreciation already set off in earlier years cannot be notionally carried forward for computing deductions under Section 80IA of the Income Tax Act, 1961.

The court ruled that deductions under Sections 80IA and 80HHC are to be restricted only at the stage of allowability and not computation. The decision was based on previous judgments, including Velayudhaswamy Spinning Mills (P.) Ltd. v. Assistant Commissioner of Income Tax, which stated that once losses of earlier years had been absorbed against other income, they cannot be brought forward for recomputation.

The case involved Commissioner of Income Tax vs Ucal Fuel Systems Ltd. for the assessment year 2003-04. 😊
[15/02, 08:29] Meta AI: The Madras High Court has appointed a retired Judge, Hon’ble Mr. Justice V. Bharathi Dasan, as a Sole Arbitrator to conduct arbitration in a dispute between Horizon Connects Enterprises Private Limited and U1 Records Private Limited, represented by its Director, Mr. Yuvan Shankar Raja.

The dispute involves an Artist Performance Agreement dated 08.02.2023, where the applicant company was granted exclusive rights to organise live musical performances of Mr. Yuvan Shankar Raja in Malaysia and the United States of America.

The applicant is seeking an interim injunction to restrain the respondent from performing or associating with any live musical performance of Mr. Yuvan Shankar Raja in the specified territories. The court is yet to decide on this request, and the arbitration process will proceed under the guidance of the appointed Sole Arbitrator.