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2016 (9) TMI 547 - ITAT MUMBAIEligible for deduction under section 80IA - Held that:- We uphold the finding of the learned CIT(A) that the assessee is eligible for deduction under section 80IA of the Act and also the directions of the learned CIT(A) to the AO to verify as to whether the losses have already been set off against the income of non-eligible unit in the earlier years and in case the losses were already set off then the same cannot be notionally carried forward for setting off against for computing the deduction under section 80IA of the Act. Addition u/s 14A - Held that:- The facts on record reveal that the interest expenditure of ₹ 39,20,797/- incurred towards term loans taken for purchase of Windmills by the assessee in the earlier years has no direct nexus with the earning of exempt income by the assessee and therefore is not to be considered while working out the disallowance under section 14A r.w. Rule 8D. In this view of the matter we delete the disallowance of ₹ 2,39,342/- made by the authorities below on this account.
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