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2023 (5) TMI 635 - AT - Income TaxDeduction u/s 80IA - electricity generated from windmills - whether the notional loss or unabsorbed depreciation of the wind power unit of earlier years can be adjusted against the profit of the eligible undertaking? - HELD THAT:- We following the decision of Hercules Hoists Ltd [2017 (6) TMI 1125 - BOMBAY HIGH COURT] are of the view that AO was not justified in denying the claim of deduction u/s 80IA of the Act. We, therefore, direct the AO to allow the claim of deduction u/s 80IA of the Act. Thus, the ground of the assessee is allowed. Computation of book profit u/s 115JB - Inclusion/exclusion of interest subsidy received for working of the book profits - HELD THAT:- As relying on case of Indogulf Cropsciences Ltd [2022 (10) TMI 564 - ITAT DELHI] we hold that since the interest receipt under TUFS Scheme is capital in nature, it needs to be excluded while working out the book profits u/s 115JB of the Act. The ground of the assessee is allowed.
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