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2015 (5) TMI 1049 - ITAT CHENNAI

2015 (5) TMI 1049 - ITAT CHENNAI - TMI - Deduction under sec.80IA - Held that:- The business undertaking of the assessee is wind mill power generation/hosiery goods, etc., and it has claimed the benefit of deduction under Section 80IA of the Income Tax Act for the assessment year in question and for the subsequent years as well. Having exercised its option and its losses have been set off already against other income of the business enterprise, the assessee in this appeal falls within the parame .....

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y the Revenue is directed against the order of the Commissioner of Income-tax (Appeals) dated 27.11.2014. 2. The grievance of the Department in this appeal is with regard to granting of deduction under sec.80IA of the Income-tax Act, 1961. 3. The assessee is an exporter of home textiles products and also generates electricity from its windmills. For the assessment year 2011-12, the firm filed the return of income admitting an income of Rs. 15,19,456/- after claiming deduction u/s.80IA of the Act .....

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ion claimed by the assessee. The assessee had total turnover of ₹ 74,26,272/- through sale of power generated out of windmill and admitted Rs. 65,12,277/- as income from windmill business and claimed deduction u/s.80IA. The Assessing Officer denied the claim of the assessee for deduction u/s.80IA for Rs. 65,12,277/- on the ground that the Department has not accepted the Jurisdictional High Court in the case of Velayudhaswamy Spinning Mills Pvt. Ltd. (supra), and filed Special Leave Petitio .....

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