https://www.taxtmi.com/caselaws?id=750758 The ITAT Pune ruled in favor of the assessee regarding deduction under section 80IA(4) for wind mills and solar power plants. The tribunal held that each wind mill and solar power plant constitutes a separate undertaking for deduction purposes, rejecting the AO's position that all should be treated as one undertaking. Additionally, the tribunal determined that profit from eligible business for section 80IA deduction need not be computed after deducting notional brought forward losses and depreciation, even when previously set off against non-eligible business income. The revenue's appeal was dismissed on both grounds. en-us Tue, 26 Mar 2024 00:00:00 +0530 Thu, 28 Mar 2024 18:48:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=750758 The ITAT Pune ruled in favor of the assessee regarding deduction under section 80IA(4) for wind mills and solar power plants. The tribunal held that each wind mill and solar power plant constitutes a separate undertaking for deduction purposes, rejecting the AO's position that all should be treated as one undertaking. Additionally, the tribunal determined that profit from eligible business for section 80IA deduction need not be computed after deducting notional brought forward losses and depreciation, even when previously set off against non-eligible business income. The revenue's appeal was dismissed on both grounds. Case-Laws Income Tax Tue, 26 Mar 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=750758