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2018 (4) TMI 1627 - AT - Income TaxDeduction u/s 80IA(4)(iv) in respect of windmill business - whether quantum of deduction is to be computed of the eligible business as its only source of income after adjusting brought forward unabsorbed depreciation against current year’s income - Held that:- There were no brought forward losses in the hands of assessee, which in any case were adjusted upto assessment year 2009-10. The said findings of CIT(A) have not been controverted by learned Departmental Representative for the Revenue except to stress that the same needs verification. We find no merit in the plea of learned Departmental Representative for the Revenue in this regard, especially where in assessment year 2010-11 which was the preceding year to the instant assessment year, the claim of deduction has been allowed in the hands of assessee. It may also be pointed out herein itself that the assessee was running civil construction activity from which it was showing profits from year to year and the losses arising from windmill in the earlier years have already been set off against the said income and the balance income had been assessed in the hands of assessee. It is not case of Revenue that after adjustment of losses in the respective years the assessee had shown any losses. There is no merit in the order of Assessing Officer in holding that deemed losses have to be adjusted against profits of undertaking. We hold that the assessee was entitled to the claim of deduction under section 80IA(4)(iv)(a) - Decided against revenue.
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