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TMI Blog2022 (5) TMI 850X X X X Extracts X X X X X X X X Extracts X X X X ..... firm Meenakshi Distribution Service got converted into a corporate entity and it was not a case of splitting-up or reconstruction of business as wrongly understood by lower authorities - HELD THAT:- CIT(A) has not rendered any independent findings and merely endorsed the view of Ld. AO. Keeping in view the submissions made before us, we deem it fit to set aside the impugned order and restore both ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... als)-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 deduction u/s 80-IA. It was submitted that the erstwhile firm Meenakshi Distribution Service got converted into a corporate entity and it was not a case of splitting-up or reconstruction of business ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... cal Retailing 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 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... d that the relevant facts are not available on record. Having gone through the orders of lower authorities, our adjudication would be as under. 2. The assessee being resident corporate entity was assessed u/s 143(3) on 15.02.2016. The assessee was engaged in the business of wind energy generation and sale. The assessee company was formed on 23.03.2012 and it claimed deduction u/s 80-IA for Rs.5 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... h the issues back to the file of Ld. AO for fresh consideration. The assessee is directed to demonstrate that it was entitled for deduction u/s 80-IA and also justify claim of higher depreciation u/s 115JB. Needless to add that adequate opportunity of hearing shall be granted to the assessee. 4. The appeal stand allowed for statistical purposes. Order pronounced on 12th May, 2022. - - Ta ..... X X X X Extracts X X X X X X X X Extracts X X X X
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