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2020 (12) TMI 467 - AT - Income TaxIncome from share transaction - short term capital gain OR business income - assessee maintains two separate accounts one for investment another for ‘stock-in-trade’ - HELD THAT:- On hearing both the parties and considering the facts, we find that the need of honouring the entries in the books of account. No case is made out for disturbing the claim of the assessee. This is the case where only 55 transactions are involved and separate account for investment is maintained. Therefore, applying judgment in the case of Gopal Purohit [2010 (1) TMI 7 - BOMBAY HIGH COURT] - Therefore, in our view, the order of the CIT(A) is required to be reversed on this issue and in favour of the assessee. Accordingly, the ground raised by the assessee is allowed. Addition u/s 40(a)(ii) - Education Cess under Finance Act while computing the taxable income under normal provision of the IT Act. - HELD THAT:- From the legal perspective, the issue of ‘education cess’ is an allowable expenditure as per provisions of Section 40(a)(ii). Deduction u/s.80IA(5) - wind mills located at Sangli and Dhule - HELD THAT:- In the case of Velayudhaswamy Spinning Mills (P) Ltd. [2010 (3) TMI 860 - MADRAS HIGH COURT] and held that the initial assessment year in respect to claim deduction u/s.80IA of the Act would mean the first year opted for by the assessee for claiming such deduction and is allowable for 10 years from the initial assessment year chosen by the assessee out of the 15 years beginning from the year in which undertaking commences the operations. It is settled law with regard to the claim of deduction u/s.80IA of the Act, initial assessment year to be considered would be the year in which the assessee first exercises his option to claim deduction u/s.80IA of the Act.
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