https://www.taxtmi.com/caselaws?id=329655 The Tribunal partially allowed the appeal, ruling in favor of the appellant regarding the disallowance of deduction under S.80IA for windmill units. The Tribunal emphasized that profits for deduction should be computed on a standalone basis from the initial assessment year chosen by the assessee, as clarified by a CBDT circular. The decision was based on the interpretation that the initial assessment year is the first year opted for claiming the deduction, not the year of business commencement. The Tribunal directed the AO to allow the deduction after verifying the initial assessment year chosen by the assessee. en-us Fri, 10 Jun 2016 00:00:00 +0530 Thu, 07 Jul 2016 11:49:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=329655 The Tribunal partially allowed the appeal, ruling in favor of the appellant regarding the disallowance of deduction under S.80IA for windmill units. The Tribunal emphasized that profits for deduction should be computed on a standalone basis from the initial assessment year chosen by the assessee, as clarified by a CBDT circular. The decision was based on the interpretation that the initial assessment year is the first year opted for claiming the deduction, not the year of business commencement. The Tribunal directed the AO to allow the deduction after verifying the initial assessment year chosen by the assessee. Case-Laws Income Tax Fri, 10 Jun 2016 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=329655