Set off losses of Wind Power Project.

This query is : Resolved

CA Amar Kant Choudhary (Querist)
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05 November 2009 Sir,

Case: A Company have TWO business units. One unit is in the business of wind power generation and another is in trading business. There is loss in wind power project and profit in trading business during the financial year 2009-10.The wind power project is entitled to claim 100% deduction u/s 80IB.

Query: Whether the loss of wind power project is available for set off against the profit of trading busness? Kindly suggest urgently.

CA Balram Sharma

CA Balram Sharma (Expert)
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05 November 2009 YES SIR,
IN MY OPINION LOSS CAN BE SETOFF,
BECAUSE SECTION 80IB PROVIDE THE DEDUCTION OF INCOME ON EXEMPTION,

CA Balram Sharma

CA Balram Sharma (Expert)
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05 November 2009 80IB PROVIDE AFTER THE COMPUTATION ON GROSS TOTAL INCOME.

AND GROSS TOTAL INCOME IS CALCULATED AFTER THE SETOFF OF CARRY FORWARD OF LOSSES,

SO IN MY OPINION LOSS FROM 80IB SHOULD BE SETOFF FROM TRADING PROFIT

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