2013 (12) TMI 373

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..... ith the impugned judgment and order passed by the Income Tax Appellate Tribunal (hereinafter referred to as 'ITAT') dated 10/05/2013 in ITA No. 409/Ahd/2013 for the Assessment Year 2007-08, the revenue has preferred the present Tax Appeal with the following substantial question of law; "Whether on the facts and in the circumstances of the case and in law, the tribunal was correct in law in deleti .....

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..... .11,21,743/-. Thereafter, a revised return of income was filed declaring the loss of Rs.33,13,525/-. The return of the assessee was selected for scrutiny. The assessee claimed deduction under Section 32(1)(iia) of the Income Tax Act, being the cost incurred for installing various wind mills for generation of electricity. The Assessing Officer framed the assessment under Section 143(3) of the Incom .....

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..... (Mad) the CIT(A) deleted the addition of Rs.1,17,98,030/- on account of disallowance of Wind Electric Generator and held that the assessee will be entitled to deduction as claimed under Section 32 (1) (iia) of the Income Tax Act. 2.2. Being aggrieved and dissatisfied with the order passed by the CIT(A), the revenue preferred appeal before the ITAT and by impugned judgment and order the ITAT has d .....

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..... he assessee is not in the business of generation and distribution of power, the assessee shall not be entitled to deduction under Section 32(1)(iia) of the Income Tax Act of Rs.1,17,98,030/-. The said addition has been deleted by the CIT(A) relying upon the decisions of the Madras High Court in the case of VTM Ltd (Supra) and in the case of Hi Tech Arai Ltd. (Supra). In both the aforesaid decision .....

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..... Madras High Court in the case of VTM Ltd (Supra) and in the case of Hi Tech Arai Ltd. (Supra) has committed any error in deleting the addition of Rs.1,17,98,030/- on account of disallowance of additional depreciation of Wind Electric Generator. 4. We see no reason to interfere with the impugned judgment and order passed by the ITAT. No question of law, much less substantial question of law arise .....

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