Dismissing the appeal of the revenue the Court held that, the  mere fact that consolidated balance-sheet and profit and loss account had been prepared for the entire business would not disentitle the assessee to claim deduction under section 80-IA in respect of the one undertaking of its choice. The assessee had maintained separate statements and had filed before the Commissioner (Appeals) detailing separate project cost and source of finance in respect of each unit. The assessee had exercised its claim before the Assessing Officer for deduction under section 80-IA in respect of only the 16 megawatt unit at Karnataka. Each unit, including a captive power plant, had to be seen independently as separate and distinct from each other and as units for the purpose of grant of deduction under section 80-IA .(AY. 2004 -05)