Held, that it was the option of the assessee to choose the initial assessment year under the provisions of section 80IA(2) of the Act beginning from the year in which commercial production began. Tribunal also held that the assessee was eligible for deduction under section 80IA of the Act without setting off or adjusting the unabsorbed depreciation of earlier years. (AY. 2014-15)
ACIT v. Kalthia Engineering and Construction Ltd. (2022) 93 ITR 30 (SN) (Ahd.)(Trib.)
S. 80IA : Industrial undertakings-Infrastructure development-Initial assessment Year-Option to choose with assessee-Deduction to be computed without setting off unabsorbed Depreciation-Windmill-Expenditure were incurred for effective functioning of Windmills-Depreciation allowable. [S. 32, 80IA(2)]