https://www.taxtmi.com/caselaws?id=768694 The ITAT Mumbai held that the assessee was eligible for deduction under Section 80IA(4) for its wind power generation unit. The tribunal found that the transfer between the parties constituted a slump sale, making the transferee eligible for the deduction. The CIT(A)'s acceptance of this position was upheld, with the department not challenging this finding. Regarding depreciation disallowance, the tribunal ruled in favor of the assessee, holding that depreciation was correctly computed based on written down value for an asset received as gift, following Section 43(1) provisions requiring cost computation from the previous owner's records. en-us Wed, 09 Apr 2025 00:00:00 +0530 Fri, 11 Apr 2025 10:02:05 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=768694 The ITAT Mumbai held that the assessee was eligible for deduction under Section 80IA(4) for its wind power generation unit. The tribunal found that the transfer between the parties constituted a slump sale, making the transferee eligible for the deduction. The CIT(A)'s acceptance of this position was upheld, with the department not challenging this finding. Regarding depreciation disallowance, the tribunal ruled in favor of the assessee, holding that depreciation was correctly computed based on written down value for an asset received as gift, following Section 43(1) provisions requiring cost computation from the previous owner's records. Case-Laws Income Tax Wed, 09 Apr 2025 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=768694