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2014 (8) TMI 804 - AT - Income TaxClaim of deduction u/s 80IA - Manufacture of Glaze Frit and generation of wind power energy – Held that:- Losses incurred by the assessee were already set off and adjusted against the profits of the earlier years - During the AY 2010-11, the assessee exercised the option u/s 80(IA) During the relevant period, there were no unabsorbed depreciation or loss of the eligible undertakings and it were already absorbed in the earlier years - There is a positive profit during the year - there is no question of setting off notionally carried forward unabsorbed depreciation or loss against the profits of the unit and the assessee is entitled to claim deduction u/s 80IA on the current assessment year on the current year profit – the AO is not justified in disallowing the claim of deduction u/s 80IA in respect of company's Jaisalmer wind power unit and the disallowance of claim u/s 80IA is deleted. Higher depreciation in respect of wind mill installed at Coimbatore and Sadiya – Held that:- The contention of the is accepted and the AO is not justified in disallowing the total depreciation disallowed which is liable to be deleted as it has already been held in assessee’s own case for the earlier assessment year - depreciation on foundation work and transformer plinth and depreciation on installation and electrical lines etc. is held to be allowable at which rate depreciation is allowable on wind mill – Decided against Revenue.
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