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2013 (7) TMI 684 - AT - Income TaxAllowance of deduction u/s 80IA after setting off unabsorbed losses and depreciation – Held that:-Issue is squarely covered in favour of the assessee by the decisions of the Hon'ble Madras High Court in the case of Mohan Breweries and Distilleries Ltd reported in [2007 (10) TMI 354 - ITAT MADRAS-B ], wherein it has been held that the assessee- company is eligible for deduction u/s 80IA in respect of the income from Windmill installed by it and the unabsorbed depreciation set off in earlier years cannot be reduced from the profits for computing the deduction u/s 80IA of the Act - However, matter be restored to find out the claim of the assessee that the losses were already adjusted against the profits of ineligible units of the assessee in earlier years and directed the ld. CIT(A) for adjudicating the issue afresh accordingly - Decided in favor of Assessee.
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