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2014 (12) TMI 1360 - HC - Income TaxDeduction u/s 80IA(4) - generation of power for captive consumption - HELD THAT:- Appeal ADMITTED to consider the following questions of law; “(i) Whether on the facts and in the circumstances of the case and in law, the ITAT was justified in upholding the decision of CIT(A) that deduction u/s 80IA(4) is allowable to the assessee for generation of power for captive consumption?” (ii) Whether the Tribunal was right in law in allowing the assessee’s claim of deduction of ₹ 1954 Crores u/s 80IA(4) of the I.T. Act, 1961, when the assessee had adopted rate of power generation at ₹ 4.73 per unit, rate on which the GEB supplied power to its consumers, ignoring the rate of ₹ 2.36 per unit, the rate on which power generating company supplied its power to GEB? (iii) Whether on the facts and in the circumstances of the case and in law, the ITAT was justified in holding that adjustment made on account of disallowance u/s 14A of the Act in computation of Book Profit u/s 115JB of the Act is not as per law without appreciating that the amount disallowable under section 14A is covered under clause (f) of Explanation 1 to section 115JB(2) and, thus, said amount has to be added back while computing amount of book profits? (iv) Whether that ITAT was justified in law in not following the decision of its own division bench on this issue in the case of Gujarat State Fertilizers and Chemicals Ltd.[ 2013 (1) TMI 135 - ITAT AHMEDABAD ] which was also confirmed by the Hon’ble Gujarat High Court vide order [2013 (6) TMI 776 - GUJARAT HIGH COURT]?”
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