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2015 (5) TMI 1019 - AT - Income TaxDeduction claimed by the assessee u/s 80IA - Held that:- Section 80IA clearly says that where the gross total income of an assessee includes any profits and gains derived by an undertaking or an enterprise from any business referred to in subsection( 4) shall be allowed deduction in computing total income of the assessee. Sub-section(4) of section 80IA says that an undertaking which was set up for generation or generation and distribution of power and begins to generate power at any time during the period beginning on the 1st day of April, 1993 and ending on 31st March 2014, is eligible for deduction u/s 80IA of the Act. It is not in dispute that the assessee-company commenced generation of power before March, 2014 and after 1st April 1993. Section 80IA(4)(iv) does not require an assessee to own the plant and equipment. Since the income of the assessee includes profits and gains derived from generation of power, as held by the Madras High Court in M/s K.A. Infrastructure Pvt. Ltd. (2011 (10) TMI 641 - MADRAS HIGH COURT), the assessee is entitled for deduction u/s 80IA of the Act. - Decided in favour of assessee
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