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2015 (1) TMI 1409 - ITAT MUMBAIDeduction u/s 80IA for Captive Power Plant - whether no profit derived from the Power Plant as the power was not sold but stood consumed in manufacturing units of the assessee company - expression derived of - Held that:- The expression “derived” used in the said section 80- IA(1) in the beginning as well as in the last part of sub-section (4) makes it abundantly clear that such profit or gain could be obtained by one’s own consumption of the outcome of any such undertaking or business enterprise as referred to in sub-section ( 4) of section 80-IA. The dictionary meaning of the expression ‘derive’ in the New Oxford Dictionary of English states ‘obtaining something from a specified source’. In section 80-IA(1) also no restriction has been imposed as regards the deriving of profit or gain in order to state that such profit or gain derived only through an outside source along would make eligible for the benefits provided in the said section Following the decision of this Tribunal in the case of sister concern of the assessee we do not find any error or illegality in the order of the CIT(A) qua the issue of deduction under section 80IA in respect of captive power plant as well as the valuation of power by applying the tariff charged by the state electricity Board. Accordingly, the ground No. 1 and 2 of the revenue’s appeal are dismissed. Deduction u/s 801A in respect of power generated from steam - whether steam is a by-product of the power generated and hence cannot be considered a power? - Held that:- As noted the decision of the Delhi Tribunal in Sial Sbec's case [2004 (3) TMI 342 - ITAT DELHI-C] and held that steam generated by the Industrial Undertaking comes within the meaning of power as per section 80IA, and would hence qualify for benefit. - Decided against revenue
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