Tax Management India. Com
Law and Practice  :  Digital eBook
Research is most exciting & rewarding
  TMI - Tax Management India. Com
Follow us:
  Facebook   Twitter   Linkedin   Telegram
Income Tax - Highlights / Catch Notes

Home Highlights March 2024 Year 2024 This

Deduction u/s 80IA(4) on wind mills and solar power plants - ...


Windmills and solar plants considered separate for tax deductions; losses offset rules upheld in tax deduction calculations.

March 29, 2024

Case Laws     Income Tax     AT

Deduction u/s 80IA(4) on wind mills and solar power plants - Whether each windmill and solar power plant installed by the assessee should be considered as separate undertakings or one undertaking? - The Tribunal, referencing its own previous decisions and the lack of any new material facts or judicial precedents, upheld the Commissioner of Income Tax (Appeals)'s ruling. It was concluded that each windmill and solar power plant must be treated as separate undertakings for the calculation of deductions under section 80IA(4), thereby dismissing the Revenue's appeal on this ground. - Furthermore, on Applicability of Notional Brought Forward Losses and Depreciation, the Tribunal followed the principles laid down by the High Courts, which stated that losses from eligible businesses, once set off against other income, cannot be notionally carried forward to reduce the profits of the eligible business in subsequent years for the purpose of computing deduction under section 80IA.

View Source

 


 

You may also like:

  1. Disallowance of higher reduction of depreciation on the cost of civil engineering works for laying foundation of solar power panels - the expenditure which is incurred...

  2. Input tax credit - inputs / capital goods / input services - Solar Power Generating Plant of the applicant qualify as 'plant and machinery' as it falls under machinery -...

  3. The AAR ruled that the applicant's generation and supply of electricity from their 10.2 MW solar power plant to TANGEDCO through grid constitutes a "supply" under GST...

  4. Excess work in progress detected during survey was accepted by assessee as income u/s 69B, taxable at 30%. Assessee claimed such income as part of closing stock to be...

  5. Input Tax Credit - solar power panels procured and installed - blocked credit- When Electricity energy manufactured using the Solar Panels were supplied to TANGEDCO...

  6. Deduction u/s 80IA - AO held that the assessee maintained consolidated figure of power generation unit and no separate and independent books of account was maintained by...

  7. ITAT ruled on long-term capital gains from unlisted shares under India-Mauritius DTAA, specifically addressing loss carry-forward without offsetting against capital...

  8. Liability to pay Goods and Services Tax (GST) for intra-state and interstate delivery of electrical energy. The applicant questioned if they could claim CGST and SGST...

  9. Composite supply - natural bundling - The supply of the PV module which is the major component of the Solar Power Plant is not naturally bundled with the supply of the...

  10. Benefit of exemption notification - galvanised solar structure - mounting structure - It is clear that experts in the field consider the Module Mounting Structure as an...

  11. Input Tax Credit - blocked credit - solar power panels procured and installed - electrical energy generated by Solar Panel installed by the applicant is exempted goods...

  12. Adjustment of excess service tax paid with subsequent service tax liability - case of Revenue is that Rule 6 (3) of Service Tax Rules, 1994 do not provide for such...

  13. Supplementary refund of unutilized input tax credit pertaining to Compensatory Cess - Section 164 of the GST Act empowers the Government to frame rules. Refund of...

  14. Safe Harbour Rule - Income-tax (18th Amendment) Rules, 2022 - Amends Rule 10TD - Notification

  15. Disallowance of depreciation on windmill deleted – civil structure and the electric fitting, equipments are part and parcel of the windmill and cannot be separated from...

 

Quick Updates:Latest Updates