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2014 (2) TMI 1109 - AT - Income TaxDenial of deduction u/s 80IA of the Act - Reversal of provision made and written back – Held that:- Section 80IA is a code by itself and not dependent upon other provisions of the Act - sub-section 5 of S.80IA has an overriding effect and excludes application of any other provision of the Act - the eligible business is generation of electricity - only profits derived from any activity directly linked with generation of electricity would be eligible for deduction u/s 80IA - the amount written back on account of reversal of provision made in financial year 2006-07 cannot be held to be a profit derived from eligible business for computing deduction under S.80IA – there is no reason to interfere in the findings of the CIT(A) in the respect – Decided against Assessee. Deduction allowed u/s 80IA of the Act on sale of waste oil – Held that:- There was no infirmity in the order of the CIT(A) - waste oil is bye-product or waste product in the process of generation of power and has direct link with the eligible business of the assessee – Thus, the CIT(A) was justified in holding that income from sale of waste oil will be eligible for deduction under S.80-IA of the Act – Decided against Revenue. Netting of excess premium paid against refund of premium – Exclusion from income the differential amount for computing deduction u/s 80- IA of the Act – Held that:- The CIT(A) has allowed the netting off following the order passed by his predecessor in assessee's own case for the assessment year 2002-03 and 2006-07 - The Tribunal in M/s GVK INDUSTRIES LTD Versus ASSTT COMMISSIONER OF INCOME TAX [2012 (6) TMI 573 - ITAT HYDERABAD] has upheld the order of the CIT(A) – the benefit of netting of the excess premium received against the insurance premium amount paid during the year, for taking into account only the differential amount for exclusion from the income eligible for relief under S.80IA of the Act – Decided against Revenue.
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