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2010 (1) TMI 836 - AT - Income TaxDeduction u/s 80IA - notional carry forward of unabsorbed depreciation - Held that:- taxable income of eligible business of the industrial undertaking is to be ascertained as if such undertaking were an independent unit owned by the assessee and the assessee had no other source of income. It is only consequential that the unabsorbed losses, unabsorbed depreciation, etc., relating to eligible business are to be taken into account in determining the quantum of deduction under section 80-IA, even though these may have actually been set off against the profits of the assessee from other sources. Assessing Officer had rightly denied the deduction under section 80-IA in respect of these units there being a loss in respect of the said unit as computed within the meaning of section 80-IA(7). Decision in favour of the Revenue and against the assessee. [Goldmine Shares and Finance P. Ltd.(2008 - TMI - 71932 - ITAT AHMEDABAD )] deduction u/s 80IA - windmills installed by the assessee for captive consumption constitute separate business undertaking - generation of electricity has been undertaken by the assessee by setting up a fully independent and identifiable industrial undertaking. - following the decision in the case of DCM Sriram Consolidated Limited (2008 -TMI - 31714 - DELHI HIGH COURT) decided against the Revenue and in favour of the Assessee. Expenditure claimed by the assessee on replacement of machinery as revenue expenditure u/s 37 of the Income Tax Act - decision in favour of the Revenue and against the assessee.[Sri Mangayarkarasi Mills Private Limited (2009 - TMI - 34189 - SUPREME COURT )]
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