2016 (9) TMI 1636 - SCH - Income Tax

Deduction u/s 80IA - Revenue generated or the profit derived by the power undertaking - Dispute in rate at which electricity supplied will be computing the benefit under the section - HC held as unable to hold that the benefit under Section 80IA is not available to the assessee because the power generated was consumed at home or by other business of the assessee. It is now well-settled that a statute granting incentives for promoting growth and development should be construed liberally so as to advance the objective of the provision and not to frustrate it - HELD THAT - Leave granted. Post alongwith connected matters for final disposal in the 3rd week of January 2017. List of connected matters will be furnished by learned counsel for the parties.

Summary

The Supreme Court granted leave and scheduled final disposal of the case in the 3rd week of January 2017. The parties are required to provide a list of connected matters.