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2018 (1) TMI 1141 - AT - Income TaxEligibility to deduction u/s 80IA for windmill - initial assessment year - set off of the losses from windmill units with non-eligible export business profits - Held that:- This issue is squarely covered in assessee’s own case for AY 2009-10 [ 2015 (1) TMI 1369 - ITAT MUMBAI] which was finally affirmed by Hon’ble Bombay High Court [2018 (1) TMI 1120 - BOMBAY HIGH COURT]dismissing the Department Appeal as held that sub-section (2) of section 80IA gives an option to the assessee for claiming the deduction under the section for any 10 consecutive assessment year out of 15 years beginning from the year in which the undertaking or the enterprise develops and begin to operate. The 15 years is the outer limit within which the assessee can choose the period of claiming the deduction. After the amendment there is no definition for initial assessment year in the Act and there is option to the assessee in selecting the year of claiming relief under s. 80-IA. In view of this, we are of the opinion that there is no question of setting off notionally carried forward unabsorbed depreciation or loss against the profits of the units and assessee is entitled to claim deduction under s. 80-IA on current assessment year on the current year profit. Accordingly, we allow the claim of the assessee Disallowance of additional depreciation claim by assessee of wind mill purchase during the year - Held that:- As decided in assessee'e own case for AY 2007-08 [2012 (2) TMI 640 - ITAT MUMBAI] wherein held For the application of s. 32(1)(iia) what is required to be satisfied is that the setting up of a new machinery or plant should have been acquired and installed after 31st March, 2002 by an assessee, who was already engaged in the business of manufacture or production of any article or thing and there is no requirement that the setting up of a new machinery or plant should have any operational connectivity to the article or thing that was already being manufactured by the assessee - Revenue appeal dismissed.
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