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The Commissioner of Income Tax -10 Versus Hercules Hoists Ltd.

Loss incurred in business of power generation entitled to deduction u/s 80 IA - whether can be set off against business income from manufacturing unit ignoring the provision of section 80-IA(5)? - Held that:- No reason in our referring to the legislative background and these provisions in further details or considering and interpreting them for the present appeals. Once the statement of facts about which there can be no dispute show that there was no deduction claimed under section 80-IA for the .....

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enue to project all questions and propose them as substantial questions of law. In that event, they can raise all contentions and equally pertaining to the setting off of the said losses and in relation to the eligible section 80- IA unit from the income of the non section 80-IA ineligible unit. NO substantial questions of law - Decided against revenue. - ITA No. 2485/2013, ITA No. 2492/2013, ITA No. 2498/2013, ITA No. 2510/2013 - Dated:- 7-5-2015 - S. C. Dharmadhikari And A. K. Menon,JJ. For th .....

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passed by the Commissioner of Income Tax (Appeals) dated 7th September, 2010, 21st December, 2010 and 13th September, 2011 for four consecutive years. The Commissioner partly allowed the assessee's appeals against the assessment under section 143(3) of the Income Tax Act, 1961 for relevant years but the assessee was not satisfied with such relief. It, therefore, carried the matter to the Tribunal in further appeal. 2. The Revenue proposes the following question as a substantial question of l .....

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l's conclusions whereunder ground No.1 of the assessee's appeal was referred and the preceding paragraphs prior to such conclusion dealt with that ground. That ground was in respect of determination of business income for the relevant years without allowing the assessee set off of depreciation / loss of its two units viz. Windmill 1 and 2, income from which was otherwise eligible for deduction under section 80-IA. 4. Though Mr. Tejveer Singh would submit that the above framed question is .....

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ears viz. 2005-06 to 2008-09. These losses incurred in the eligible unit have been adjusted against profits of ineligible unit viz. the manufacturing unit in the respective years. After adjusting these losses, positive income has been determined and tax has been paid. For these years where the 80-IA unit incurred losses, there was no claim for deduction under section 80-IA by the assessee. The grievance is that the assessee by filing revised claim have also claimed these losses in section 80-IA .....

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ied upon the decision of the special bench of the Tribunal at Ahmedabad in the case of Goldmine Shares and Finance Pvt. Ltd. However, the Commissioner (Appeals) in the appeal by the assessee partly granted relief. That partial relief and the Tribunal's order, according to Mr. Tejveer Singh, would raise substantial questions of law. 5. We find that the ground No.1 in the assessee's appeal before the Tribunal and referred in detail by us herein above and which has been dealt with by the Tr .....

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case where the losses incurred by the section 80-IA unit having been set off against the income from the non section 80-IA unit that course was impermissible. The Tribunal's conclusion in paragraph 5 at running pages 4.0 and 4.1 is thus not made subject matter of challenge in this appeal by the Revenue. The Revenue question projects the applicability of section 80-IA(5). Section 80-IA, to the extent relevant, reads as under: "80-IA (1) Where the gross total income of an assessee include .....

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ction (1) may, at the option of the assessee, be claimed by him for any ten consecutive asessment years out of fifteen years beginning from the year in which the undertaking or the enterprise develops and begins to operate any infrastructure facility or starts providing telecommunication service or develops an industrial part or develops a special economic zone referred to in clause (iii) of sub-section (4) or generates power or commences transmission or distribution of power or undertakes subst .....

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