2013 (2) TMI 525

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....n by 10 days in the Assessment Year 2007-08 and by 19 days in the Assessment Year 2008-09. The Revenue has filed condonation petitions and the ld. A.R. did not have any objection to the condonation of delay in filing the appeals by the Revenue and the hearing of the appeals on merits. We are satisfied that there was reasonable cause for not filing the appeals in time by the department. Hence we condone the delay and admit the appeals for hearing. 3. At the very outset of the hearing of the appeals, the ld. D.R. submitted that the facts and issue involved in both the appeals are identical. Both the cases were argued together before us. Therefore, for the sake of convenience, both the appeals are disposed of by this common order. 4. ....

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....rt in the case of M/s Sri Velayudhasamy Spinning Mills [P] Ltd and others and is yet to be disposed off by the Hon'ble Supreme Court." 5. The only issue involved in both the appeals is that the ld. CIT(A) was not justified in holding that the assessee is entitled to deduction u/s 80IA of the Act on wind mill. 6. The ld. D.R. Shri R.B. Naik relied on the grounds of appeal taken by the Revenue in the appeals. 7. On the other hand, the ld. A.R. for the assessee Shri T. Banusekar filed before us copy of the Hon'ble Jurisdictional High Court order in the case of M/s Sri Velayudhasamy Spinning Mills [P] Ltd Vs. ACIT reported in [2010] 231 CTR [Mad] 368 and submitted that the issue at hand was squarely covered by the decision of the High ....

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....the ld. CIT(A) held as under: "I have gone through the submissions made by the assessee as well as the material available on record. The assessee runs a spinning mill and has also installed three wind mills viz. first in Assessment Year 2003-04, second in Assessment Year 2005- 06 and the third in Assessment Year 2006-07. Though the year of commencement was the Assessment Year 2003-04, the assessee has opted Assessment Year 2007-08 as initial Assessment Year for the purpose of claiming deduction u/s 80IA of the Act in respect of windmills I and II. Initially the loss from windmills was set off against profit of spinning mill division. The assessee had not claimed deduction u/s 80IA of the Act during those years when it resulted in loss. T....