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2012 (10) TMI 1026 - ITAT HYDERABADDeduction u/s. 80IA - Formation of a new plant by splitting up of the existing business - whether the new undertaking is identifiable undertaking separate and distinct from the existing business - Held that:- generation of power unit is separate and distinct undertaking for which separate approval was obtained and recognised by the IREDA and it cannot be said that splitting of existing business structure. - Deduction u/s 80IA allowed by following earlier decision in assessee's own case [2012 (2) TMI 483 - ITAT HYDERABAD]- Decided in favor of assessee Deduction of cost of steam - whether value can be attributed to steam - Tax evasion by inter-unit transaction of sale of steam at inflated rate - Held that:- steam produced by the assessee is eligible unit is a by-product and income from sale of steam is the income derived from industrial undertaking - deduction u/s 80-IA is allowable - Assessee to furnish necessary records for the purpose of determining the value of the steam produced and transferred to sugar unit - Decided partly in favor of assessee Interim order of the Appellate Tribunal for Electricity - Held that:- Assessee is not the party to the proceedings - Electricity fixed rate ₹ 3.25 p.u in place of which ₹ 3.48 p.u is adopted by the assessee - AO to disallow ₹ 0.23 and calculate the disallowance based on the units supplied by the assessee to Sugar and Cement units - Decided in favor of revenue
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