https://www.taxtmi.com/caselaws?id=755357 ITAT Pune held that excess work in progress detected during survey and accepted by assessee under section 69B cannot be taxed under section 115BBE as it forms part of closing stock. The additional income declared becomes opening stock for subsequent assessment year 2016-17, allowing deduction while computing income. Regarding section 80IA deduction for wind power generation, ITAT ruled each windmill constitutes separate undertaking based on CBDT Circular 1/2016 and consistent with tribunal's previous decisions in assessee's own case for assessment years 2012-13 to 2014-15. Appeals allowed on both issues. en-us Fri, 05 Jul 2024 00:00:00 +0530 Wed, 10 Jul 2024 17:29:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=755357 ITAT Pune held that excess work in progress detected during survey and accepted by assessee under section 69B cannot be taxed under section 115BBE as it forms part of closing stock. The additional income declared becomes opening stock for subsequent assessment year 2016-17, allowing deduction while computing income. Regarding section 80IA deduction for wind power generation, ITAT ruled each windmill constitutes separate undertaking based on CBDT Circular 1/2016 and consistent with tribunal's previous decisions in assessee's own case for assessment years 2012-13 to 2014-15. Appeals allowed on both issues. Case-Laws Income Tax Fri, 05 Jul 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=755357