TaxTMI 
TaxTMI 
2013 (9) TMI 1133
X X X X Extracts X X X X
X X X X Extracts X X X X
....ee, a company engaged in the business of manufacture of material handling equipments and generation of power, in the second revised return of income had corrected the income from manufacturing activities and claimed a deduction u/s 80-IA of the Act in respect of the business of generation of power from windmill I, II, III & IV. According to the assessee, in terms of the provisions of section 80-IA (4) (iv) (a) read with section 80-IA (1) of the Act, an undertaking which is set up in any part of India for the generation or generation and distribution of power is entitled to the deduction of an amount equal to 100% of profits and gains derived from such business for 10 consecutive assessment years. HHL having set up the wind-mill plants for g....
X X X X Extracts X X X X
X X X X Extracts X X X X
....nder section 80-IA of the Act, after set off of such depreciation, is Rs. Nil. Hence, the assessee is not allowed deduction under section 80-IA of the Act." 2.3 On appeal, the Ld.CIT(A) upheld the action of the AO and the relevant findings are extracted hereunder: "2.4 I have gone through the assessment order, perused the submission made by the appellants and also discussed the case with A.R. of the appellant. However, I do not agree with the contention of the appellant. Identical issue had come up in appellant's own case in A.Y.'s 2007-08 and 2008-09, wherein after elaborate discussion vide my orders dated 21.12.2010 and 30.09.2011 respectively, the issue was decided against the appellant. In my order for A.Y. 2008-09, I have discussed ....
X X X X Extracts X X X X
X X X X Extracts X X X X
....aterers in ITA No. 4093/Mum/2012 for the Assessment Year 2007-08, the ITAT while deciding a similar issue has decided as follows: "We have carefully considered the submissions of the Ld. Representative of the parties and also perused the orders of the authorities below. We have also gone through the earlier orders of the Tribunal dated 6.2.2013, copy of which are placed at pages 28 to 31 of the paper book and the order dated 8.2.2013, copy of which is placed at pages 32 to 44 paper book (supra). We observe that the Tribunal has stated that the above issue is squarely covered in favour of the assessee by the decisions of the Hon'ble Madras High Court, wherein it has been held that the assessee company is eligible for deduction u/s 80-IA in....
X X X X Extracts X X X X
X X X X Extracts X X X X
....ulting into an addition and the same confirmed by the Ld.CIT(A). 3.1 At the outset, it has been pointed out that an identical issue has been decided against the assessee by the ITAT in ITA Nos. 7944, 7946, 2255 & 7943/Mum/2011 for the AYs. 2005-06 to 2008-09 in the assessee's own and the relevant findings of the Tribunal is as under: "In the instant case, the property was let at a monthly rent of Rs. 1,54,843/- (annual rent: Rs. 18,58,116/-) continuously from the year 1997 to 2004. What better proof of the same representing its AV could possibly be? There is nothing on record to show or infer that the property, which, as late as April, 2004, yielded a rent to the tune of Rs. 18 lakhs p.a., became incapable of fetching as much and, rather,....