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| The Tax Publishers2020 TaxPub(DT) 4053 (Pune-Trib) INCOME TAX ACT, 1961
Section 80-IA
CBDT Circular No. 1/2016, dated 15-2-2016 itself gives preference to assessee to choose a particular year as initial assessment year. In assessee's case, it was only for the first time for assessment year 2010-11 that assessee had chosen to claim deduction under section 80-IA. Therefore, assessment year 2010-11 was the initial assessment year and assessee was entitled to claim deduction for the year under consideration, thought windmill commenced generation of power in assessment year 2007-08.
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Deduction under section 80-IA - Initial assessment year - AO sought to replace initial assessment year chosen by assessee -
Assessee claimed deduction under section 80-IA. AO disallowed deduction on the ground that initial assessment year was assessment year 2007-08 which was the year relevant to previous year in which windmill commenced generation of power. Assessee submitted that it had claimed deduction under section 80-IA for the first time in assessment year 2010-11, and not from assessment year 2007-08. Held:CBDT Circular No. 1/2016, dated 15-2-2016 itself gives preference to assessee to choose a particular year as initial assessment year. In assessee's case, it was only for the first time for assessment year 2010-11 that assessee had chosen to claim deduction under section 80-IA. Therefore, assessment year 2010-11 was the initial assessment year and assessee was entitled to claim deduction for the year under consideration.
REFERRED :
FAVOUR : In assessee's favour.
A.Y. : 2012-13
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