2022 (5) TMI 850

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.... -Ld. DR ORDER MANOJ KUMAR AGGARWAL (ACCOUNTANT MEMBER) 1. Aforesaid appeal by assessee for Assessment Year (AY) 2013-14 arises out of the order of learned Commissioner of Income Tax (Appeals)-1, Coimbatore [CIT(A)] dated 07-12-2017 in the matter of assessment framed by Ld. Assessing Officer [AO] u/s.143(3) of the Act on 15-02-2016. The Ld. AR submitted that the main issue is denial of deductio....

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....ailing 2. Windmill Refer Page 2 11.03.2012 Deed of Reconstitution of old firm and name change as MDS Wind Farms (Formerly known as Meenakshi Distribution Service with PAN: AAOFM657 1E) AAOFM6571E V.Ramanathan V.Narayanan V.Chinniah T.Kalyani RM.Vasanthi N.Bhuvaneswari C.Kannathal 1. Pharmaceutical Retailing (included in objects but never carried on) 2. Windmill Reconstitution of exi....

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....eration and sale. The assessee company was formed on 23.03.2012 and it claimed deduction u/s 80-IA for Rs.57.55 Lacs. However, Ld. AO denied the same on the allegation that the assessee did not fulfil the conditions of Sec.80-IA(3) as well as Sec.80-IA(5). Another issue that cropped up was claim of higher depreciation while computing Book Profit u/s 115JB. The Ld. AO denied the same. Though the as....