Set off losses of Wind Power Project.
This query is : Resolved
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.
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.
05 November 2009
YES SIR,
IN MY OPINION LOSS CAN BE SETOFF,
BECAUSE SECTION 80IB PROVIDE THE DEDUCTION OF INCOME ON EXEMPTION,
IN MY OPINION LOSS CAN BE SETOFF,
BECAUSE SECTION 80IB PROVIDE THE DEDUCTION OF INCOME ON EXEMPTION,
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
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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