IN THE ITAT BANGALORE BENCH ‘B’
Jindal Aluminium Ltd.
Versus
Assistant Commissioner of Income-tax
IT APPEAL NO. 1021 (BANG.) OF 2011
[ASSESSMENT YEAR 2004-05]
AUGUST 31, 2012
ORDER
N.V. Vasudevan, Judicial Member
This is an appeal by the assessee against the order dated 12-08-2011of CIT(A)-I, Bangalore, relating to AY: 2004-05.
2. M/s Jindal Aluminum Ltd., the Assessee in this appeal, is engaged in the business of manufacture and sale of aluminum extrusion and generation of wind energy. The Aluminum extrusion plant is situated at Tumkur Road, Bangalore. The business of generation of wind energy through windmills are situated at the following places.
(i) Wind Mill (4.14 MW) at village Madikaripura, Chitradurga Dt. Karnataka(WM-1)
(ii) Wind Mill (6.6 MW) at village Nandana Hosur, Chitradurga Dt. Karnataka (WM-II)
(iii) Wind Mill (1.9 MW) at village Kunjahanahalli, Chitradurga Dt. Karnataka(WM-III)
Commercial generation of WM-I started in financial year 1997-98. WM-II started commercial generation in financial year 2002-03. Commercial generation of WM-III started in the financial year 2003-04.
3. The assessee filed its original return under section 139(1) of the IT Act, 1961 on 28-10-2004, returning taxable income of Rs. 4,05,47,015/- and with a tax liability of Rs. 1,59,06,0-89/- under section 115J of the Income Tax Act, 1961. In the computation of taxable income profit & loss of each unit was as follows;
