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2015 (5) TMI 808 - AT - Income TaxDisallowance of deduction under section 80IA - sale of carbon credit, TUF interest subsidy receipt and generation loss compensation receipt - Held that:- Co-ordinate bench of the 'tribunal' in P.K.Ganeshwr vs ACIT [2015 (5) TMI 809 - ITAT CHENNAI] has accepted a similar plea raised in lower appellate proceedings for treating sale of carbon credit receipts as ‘capital’ receipts instead of ‘revenue’ receipts already accounted. The Revenue fails to point out any distinction on facts TUF receipts is a capital receipt and not a revenue receipt and not entitled for deduction under section 80IA on such receipt. See CIT vs Shamlal Bansal [2011 (1) TMI 409 - PUNJAB AND HARYANA HIGH COURT] Generation loss compensation receipt is eligible for deduction under section 80IA of the Act Aas relyin on Magnum Power Generation Ltd. vs DCIT [2010 (5) TMI 605 - ITAT DELHI]. Entitlement to claim deduction under Section 80-IA - Held that:- The business undertaking of the assessee is wind mill power generation/hosiery goods, etc., and it has claimed the benefit of deduction under Section 80IA of the Income Tax Act for the assessment year in question and for the subsequent years as well. Having exercised its option and its losses have been set off already against other income of the business enterprise, the assessee in this appeal falls within the parameters of Section 80IA. There appears to be no distinction on facts in relation to the decision reported in Velayudhaswamy Spinning Mills case (2010 (3) TMI 860 - Madras High Court). - Decided in favour of the assessee
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