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2017 (5) TMI 1206 - AT - Income TaxDeduction under section 80-IA - windmill unit established in 2002 - Held that:- We find that on an identical issue in similar facts, in assessee’s own case for the assessment year 2010-11 held that each of these windmills were installed in different places and were governed by separate power purchase agreement, separate meter connection and separate approvals as also meter and billing. The assessee’s claim u/s.80IA of the Act, rested on the premise that each of the windmill was a separate undertaking. While deciding the issue relating to grant of depreciation on windmill, in assessee’s own case for the A.Y. 2006-07 observed that each windmill is to be considered independent and separate and as a consequence deduction u/s.80IA to be computed and decided the issue in favour of the assessee Addition made in respect of employees contribution towards PF/ESI u/s 43B - belated payment - Held that:- It is not disputed by the Revenue that the assessee has not paid the employer’s contribution before the due date of filing of the return. Various Courts including the Hon’ble Jurisdictional High Court in the case of CIT v. Nexus Computer (P) Ltd. [2008 (8) TMI 304 - MADRAS HIGH COURT] it was held that the PF and ESI contribution paid belatedly, but prior to due date of filing of return could not be disallowed under section 43B of the Act. Decided in favour of the assessee Excess depreciation claim - Held that:- On an identical issue in the case of Devi Polymers P. Ltd. v. ACIT [2014 (4) TMI 1082 - ITAT CHENNAI] held that additional depreciation to the extent not claimed by the assessee in the earlier year ought to be allowed. Thus, the ld. CIT(A) allowed the claim of the assessee. We find no reason to interfere with the order of the ld. CIT(A) on this issue and hence, the ground raised by the Revenue is dismissed. Addition u/s 14A - apportioning the interest expenses incurred the assessee in proportion to the investments the income from which was exempt and the total assets - Held that:- The issue is squarely covered by the decision of the Tribunal in assessee’s own case for the assessment years 2008-09 and 2009-10 as held AO is directed to recompute the disallowance after excluding the interest arising from borrowed funds specifically relatable to the business and specific source of income of the appellant.
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