Allowing the appeal the Court held that right a lease transaction would not amount to a transfer and merely because the lessor had claimed 100 per cent. depreciation on the asset that could not make the asset previously used to disqualify the assessee from claiming deduction under section 80-IA.Order of tribunal set aside. (AY.1997-98 to 2004-05)
Sundaram Non-Conventional Energy Systems Ltd. v. ACIT (2021)438 ITR 124 (Mad.)(HC)
S. 80IA : Industrial undertakings-Infrastructure development-Splitting up or Reconstruction of existing business-Previously used-Generation and distribution of electricity-Leasing windmills-Lease does not amount to transfer-Entitle to deduction. [S. 80IA(3)]