commissioning are eligible
for the same depreciation rate as applicable for windmill
without appreciating that these are not the integral part of the
windmill without ... which the windmill cannot be worked.
2. Whether on the facts and circumstances of the case and in
law, the CIT(A) is justified
capitalization of
interest and processing fees on loan taken for purchase of
windmills: -Rs.2,15,51,123/-
Ground no. 7: Addition on account ... account of
capitalization and processing fees on loan taken for purchase
of windmills of Rs.2,15,51,123/-.
26. Ld. Assessing Officer noted that
income from
export and trading of iron ore, generation of power from windmill turbines and
income from interest. A search action under section ... 2014
Page 4 of 24
(iii) Denial of claim of depreciation on Windmill
on leased land component - Rs. 75,00,000/-
(iv) Unaccounted transactions with
brief facts of the case are that the assessee has installed the
windmill and started operations for generating the power from
09/02/2007 ... However, due to heavy depreciation
claimed on the windmill, the assessee had made losses from the
undertaking and had not claimed any deduction
account of short non-
allocation of proportionate overhead expenditure to windmills at
Gujarat and Karnataka."
14) "Ld. Commissioner of Income Tax (Appeals) erred ... account of short/non-allocation of proportionate overhead
expenditure to windmill unit in Gujarat and Karnataka. The
assessing officer made the disallowance on the ground
work and Civil work -
Rs.20,82,47,820/- required to erect Windmill as integrated cost of
Windmill eligible for @80% depreciation ... granting additional depreciation on Windmills
generating "Power for captive consumption in spite of complying the
provisions of sec. 32(1)(iia).
4 Serum Institute
case aforesaid Hon'ble Gujarat High Court
held that "Windmill would require a scientifically designed machinery in
order to harness the wind energy ... have no use other than for the purpose of functioning of
the windmill. On the other hand, it can be easily imagined that windmill
cannot
lower authorities have erred in law and
facts by not considering its windmill income as an operating income by
deleting the above transfer pricing adjustment ... come to facts relevant to the instant issue. The assessee has
installed windmill (s) for generating wind power. It thereafter entered into a
wheeling agreement
time payment of
Rs.3,00,000/- towards Sharing Infrastructure Facilities for Windmill for
its lifetime is not covered by Explanation(i) to Section ... Energy Ltd.
for turn-Key project of purchase, installation, commissioning and maintaining
Windmill Turbine Generation J-38 (windmill) at village Baramsar, District
Jaisalmer, Rajasthan
brief
background of the issue shows that assessee has set up two
windmills for its captive consumption. On the same assessee
claimed deduction under section ... started generating power from assessment
year 2004 -05 onwards. For both the windmills the assessee
entered into a power purchase agreement, such power generated
