Home Case Index All Cases Income Tax Income Tax + AT Income Tax - 2015 (5) TMI AT This
Forgot password New User/ Regiser ⇒ Register to get Live Demo
2015 (5) TMI 812 - AT - Income TaxDisallowance of deduction under section 80IA - sale of carbon credit, TUF interest subsidy receipt and generation loss compensation receipt - Held that:- As relying on case of C.N.V Textiles Pvt. Ltd., Vs. DCIT [2015 (5) TMI 808 - ITAT CHENNAI] we hold that income from carbon credit is capital receipt not exigible to tax and such income is not eligible for deduction under section 80IA of the Act. As relying on case of C.N.V Textiles Pvt. Ltd., Vs. DCIT [supra] we hold that TUF is a capital receipt and not a revenue receipt and not entitled for deduction under section 80IA on such receipt. Respectfully following the said decisions of of C.N.V Textiles Pvt. Ltd [supra] & Magnum Power Generation Ltd. vs DCIT [2010 (5) TMI 605 - ITAT DELHI] we hold that generation loss compensation is eligible for deduction under section 80IA of the Act. 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 of the Income Tax Act. 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
|