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2015 (1) TMI 1404 - ITAT PUNEDeduction u/s.80IA(4)(iv)(a) from windmill power generation - Since the assessee is having losses in earlier years AO was of the opinion that the assessee is not eligible for the deduction as per provisions of section 80IA(5) - Held that:- The assessee is eligible for claim of deduction u/s 80-IA of the Act for the year under consideration in a manner whereby the initial assessment year referred to in section 80-IA(5) of the Act is to be taken as the A.Y. 2004-05 and not the A.Y. 2002-03 as canvassed by the Revenue. Resultantly, we therefore, set aside the order of the CIT(A) and direct the Assessing Officer to recompute and allow the deduction to the assessee u/s 80-IA. Disallowance u/s.14A r.w. Rule 8D - whether disallowance u/s.14A can be made when the assessee has not received any exempt income nor claimed any such exempt income in the return? - Held that:- Since in the instant case the assessee has not received any dividend income out of the shares held as investment and since no disallowance u/s.14A has been made in the preceding as well as succeeding assessment years, therefore, we agree with the contention of the Ld. Counsel for the assessee that no disallowance u/s.14A can be made under the facts and circumstances of the case. Accordingly, the order of the CIT(A) is set aside and the Assessing Officer is directed to delete the disallowance
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