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2015 (5) TMI 1044 - AT - Income TaxDisallowance of depreciation claimed by the assessee 80% on Windmill Project - Held that:- After considering the rival submissions we find that Hon’ble Punjab & Haryana High Court has clearly held in case of CIT-I Vs. M/s Maxwel Inc. (2014 (12) TMI 1238 - PUNJAB AND HARYANA HIGH COURT) that contribution towards evacuation of power would constitute a capital asset relating to renewable energy and was entitled for depreciation @ 80% annually therefore, following this decision we decide this ground against the Revenue. Insurance premium paid for life of the partners as Keyman in the firm - Held that:- In similar circumstances in the case of cvs. DCIT (2013 (11) TMI 115 - ITAT CHANDIGARH ) by following the decision of the Hon’ble Bombay High Court in case of CIT Vs. B.N. Exports [2010 (3) TMI 186 - BOMBAY HIGH COURT] has held that premium paid on insurance of Keyman is allowable expenditure. - Decided in favour of assessee Interest income treated as income from other sources - Held that:- In one of the group cases in case of CIT-I, Ludhiana vs. M/s. Eastman Industries, Ludhiana (2010 (2) TMI 408 - PUNJAB AND HARYANA HIGH COURT ) such income was accepted as income from business.- Decided in favour of assessee
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