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2019 (4) TMI 861 - MADRAS HIGH COURTDeduction u/s 80IA (4) - Assessee-Contractor involved in the Development of Infrastructure Facility of Sewerage Plants - deduction available to the Contractor, who is transferred with such Infrastructure Facility - HELD THAT:- Since the Assessee admittedly entered into contract with Local Bodies or Municipal Bodies for undertaking the contract works for developing the infrastructure-sewage system, he is directly entitled to get the benefit of such deductions under Section 80IA (4). The said Section, in fact, even extends the benefit to the Contractor, who is transferred with such Infrastructure Facility for operating and maintaining the same as per the Proviso to Section 80IA (4). Relying on decision in CIT VERSUS M/S. CHETTINAD LIGNITE TRANSPORT SERVICES PRIVATE LIMITED [2019 (4) TMI 683 - MADRAS HIGH COURT] wherein it was held that Tribunalhas rightly applied the Proviso to Section 80IA(4) and held that since the Assessee was recognised as contractor for these railway sidings, which undoubtedly fell under the definition of “infrastructure facility”, it was entitled to the said benefit u/s 80IA - no Substantial Question of Law arises Allowability of fluctuations in Foreign Currency as revenue expenses u/s 37 - capital vs revenue - HELD THAT:- in our opinion, the authorities below have rightly found that the same did not pertain to any capital asset and such loss had occurred to the Assessee in the ordinary course of business, and, therefore, allowed it towards business expenditure u/s 37(1) - no Substantial Question of Law arises
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