Deduction u/s 80 IA
This query is : Resolved
24 October 2007
Dear Friends,
My company has installed Captive power plant which produces the electricity which is captively used.
I want to know whether deduction u/s 80IA is applicable to us on generation of electricity as the fact is we are not in the business of power generation but we are forging manufacturer.
Kindly Solve.
My company has installed Captive power plant which produces the electricity which is captively used.
I want to know whether deduction u/s 80IA is applicable to us on generation of electricity as the fact is we are not in the business of power generation but we are forging manufacturer.
Kindly Solve.
24 October 2007
Yes it should be available..but there are fair chances of litigation...I have analysed this issue for one of our clients..
S.RAVICHANDRAN
(Expert)
25 October 2007
Separate Profit and Loss account for wind generation division and forging division should be maintained in order to claim 80-IA deduction.
01 November 2007
YOU CAN NOT MAKE INCOME FROM YOURSELF. YOUR INCOME IS FROM FORGINGS BUT NOT FROM POWER GENERATION.
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