Loss from windmill business can be set off against other heads of income

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 the Hon’ble juris...