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ITAT upheld the assessee's claim for deduction under Section 80IA for windmill undertakings, finding that the four windmill undertakings fulfilled the statutory conditions at their formation. The tribunal confirmed the CIT(A)'s order, determining that the windmill undertakings were established with entirely new machinery and thus eligible for deduction in the specified assessment years. Additionally, the tribunal rejected the revenue's challenge regarding excess physical stock, finding no substantial evidence to support the revenue's contentions and maintaining the CIT(A)'s original findings.
ITAT upheld the assessee's claim for deduction under Section 80IA for windmill undertakings, finding that the four windmill undertakings fulfilled the statutory conditions at their formation. The tribunal confirmed the CIT(A)'s order, determining that the windmill undertakings were established with entirely new machinery and thus eligible for deduction in the specified assessment years. Additionally, the tribunal rejected the revenue's challenge regarding excess physical stock, finding no substantial evidence to support the revenue's contentions and maintaining the CIT(A)'s original findings.
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