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2019 (3) TMI 1886 - HC - Income TaxDeduction u/s 80IB - income derived from the sale of reject coal and iron ore fine dust - HELD THAT:- Admit following question of law arises - “Did ITAT fall into error in holding that the income derived from the sale of reject coal and iron ore fine dust was entitled for deduction under Section 80-IB of the Income Tax Act having regard to the decision of the Supreme Court in Liberty India vs. Commissioner of Income Tax [2009 (8) TMI 63 - SUPREME COURT] and Commissioner of Income Tax-II vs. Punjab Stainless Steel Industries [2001 (7) TMI 120 - SUPREME COURT]? Write-off in respect of advances given - HELD THAT:- Additional question of law arises in this appeal:- Whether the ITAT erred in holding that the write-off in respect of advances given to M/s Bear Logistics LLC was justified having regard to the decision of the Supreme Court in Southern Technologies Ltd. [2010 (1) TMI 5 - SUPREME COURT]? Inclusion of local taxes and duties in the turnover - Revenue urges on this aspect that the assessee produce powers for its captive unit and therefore the sale claimed by it was notional. Furthermore, it is stated that the local taxes collected were not in fact paid to the concerned State Governments - HELD THAT:- This Court is of the opinion that the orders of the lower appellate authorities including ITAT cannot be faulted. Although, the transaction involved a notional sales nevertheless they have commercial element in as much as they were deemed to be sales and consequently included in the return of the local tax turnovers, filed by the assessee. As a consequence, the decision of the lower appellate authorities and the ITAT are affirmed on this aspect.
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