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2014 (9) TMI 831 - HC - Income TaxClaim of deduction u/s 80IB income from power generated by the Wind Mill - Whether the Tribunal was right in holding that the assessee is entitled to the claim of deduction under Section 80IB in respect of the income relatable to the power generated by the Wind Mill that was consumed by the assessee by treating the said income as income derived fromthe eligible undertaking Held that:- Following the decision in Tamilnadu Petro Products Ltd. Versus Assistant Commissioner of Income-tax [2010 (11) TMI 645 - MADRAS HIGH COURT] - the main requirement for claiming the exemption is that the assessee should have set up an undertaking or an enterprise and from and out of such an undertaking or an enterprise set up, any profit or gain is derived, such profit or gain derived by the assessee can be deducted in its entirety for a period of 10 years starting from the date of functioning of the set up - profit or gain could be obtained by one's own consumption of the outcome of any such undertaking or business enterprise - there is no difficulty in holding that captive consumption of the power generated by the assessee from its own power plant would enable the assessee to derive profits and gains by working out the cost of such consumption of power the order of the Tribunal is upheld Decided against revenue.
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