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2015 (2) TMI 936 - ITAT PUNEDeduction claimed u/s 80-IA - profits derived from the business of windmill - as per the Revenue, the losses incurred by the assessee for A.Y. 2002-03 and 2003-04 from the activity of windmill have to be reduced from the current year’s profits of the windmill activity in order to compute the amount eligible for deduction u/s 80-IA - Held that:- Assessee is eligible for claim of deduction u/s 80-IA of the Act for the year under consideration in a manner whereby the initial assessment year referred to in section 80-IA(5) of the Act is to be taken as the A.Y. 2004-05 and not the A.Y. 2002-03 as canvassed by the Revenue. Resultantly, we therefore, set aside the order of the CIT(A) and direct the Assessing Officer to recompute and allow the deduction to the assessee u/s 80-IA of the Act as above. - Decided in favour of assessee.
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