Home Case Index All Cases Income Tax Income Tax + AT Income Tax - 2010 (9) TMI AT This
Forgot password New User/ Regiser ⇒ Register to get Live Demo
2010 (9) TMI 1080 - AT - Income Taxclaim deduction u/s 080-IA - HELD THAT:- the impugned sum of ₹ 23,00,000 is part and parcel of the total payment of ₹ 92,00,000. The facts of the issue involved in Serum Institute of India Ltd. and the present assessee are one and the same. Revenue did not make out any case to demonstrate that the claims in the cases of the assessee and other three assessees including Serum Institute of India Ltd. are different or distinguishable. Considering the homology of the facts, commonality of the agreement and the contents thereof, benefits arrived by the impugned four concerns, we are of the opinion that the rule of consistency is violated within the meaning of the ratio decidendi in the case of Radhasoami [1991 (11) TMI 2 - SUPREME COURT]. Therefore, on this reasoning, the assessee is also entitled for making claim of deduction without going to the merits of the issue raised in the appeal. Accordingly, Appeal is allowed. claim deduction u/s 080-IA in respect of the profits of the windmill activity - ‘initial assessment year’- HELD THAT:- When the statute have granted the option to choose the initial assessment year and when the assessee has so chosen the current assessment year as the initial assessment year and when the assessee accordingly paid the taxes on the profits of the windmill activity in the earlier years as per the statute, the AO’s decision to thrust the initial assessment year on the assessee is not in tune with the provisions of s. 080-IA(2). Accordingly, we are of the opinion, the learned CIT(A) erred in holding that the initial assessment year for the purposes of s. 080-IA(2) r/w s. 080-IA(5) was the year in which the assessee started generating the electricity. Therefore, the order of the CIT(A) has to be reversed on this issue. It is clear that the ‘initial assessment year’ for the above purposes was the first year in which the assessee claimed the deduction u/s 080-IA(1) after exercising his option as per the provisions of s. 080-IA(2). Consequently, the assessee is entitled to claim the deduction of ₹ 25,44,326 u/s 080-IA in respect of the profits from the windmill activity. Accordingly, the clarificatory ground raised is allowed. In the result, adjudication in the appeal is mere academic and hence they are dismissed as infructuous. In the result, the appeal of the assessee is allowed.
|