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2020 (7) TMI 153 - ITAT VISAKHAPATNAMSlump sale of windmills - Short term capital gains - definition of undertaking is given in 2(42C) and section 2(19) - AO denied the claim of the assessee treating the gains of the windmill as long term capital gains u/s 50B of the Act and treated the same as gains on depreciable assets u/s 50 - whether the windmill constitutes separate undertaking or not? - HELD THAT:- Though the assessee has not separately maintained the books of accounts, separate ledger accounts are maintained and claiming deduction u/s 80IA separately for the income generated from the individual units each year. As per the Profit & Loss account, we observe that the assessee is computing profits separately, from wind mills and in a position to ascertain the income and expenditure separately for the windmills as well as for the assessee's business. Coordinate Bench of ITAT, Pune in its order in the case of M/s Sargam Retails (P.) Ltd. [2017 (12) TMI 1257 - ITAT PUNE] held that windmill is a separate undertaking. Therefore, we hold that wind mills constitute separate undertaking and the Ld. CIT(A) has rightly directed the AO to compute the capital gains as a slump sale u/s 50B (2) and no interference is called for. Accordingly, we uphold the order of the Ld. CIT(A) and dismiss the appeal of the revenue.
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