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Loss from windmill business can be set off against other heads of income
Case Law Details
- Case Name
- DCIT Vs. M/s. Bellad & Co. (ITAT Bangalore)
- Appeal Number
- Only available for paid members
- Date of Judgement/Order
- Only available for paid members
- Related Assessment Year
- 2007- 08
- Courts
- ITAT Bangalore
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DCIT Vs. M/s. Bellad & Co. (ITAT Bangalore)-
Facts:- The assessee is a partnership firm dealing in automobiles and Sony products and also into generation of electricity from windmills. The assessee filed its return of income for AY 2007- 08 declaring income of Rs. 11,52,410/- after setting off of depreciation loss pertaining to windmill installed during the financial year relevant to assessment year under appeal. The AO, in the assessment completed, disallowed loss of Rs. 1,22,30,626/-.
Held- Since the issue in the instant case is directly covered by the judgment of th...
