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DEPUTY COMMISSIONER OF INCOME-TAX Versus UCAL FUEL SYSTEMS LTD.

[2015] 42 ITR (Trib) 51 (ITAT [Chen]) - Deduction under section 80-IA - CIT(A) allowed the claim - 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 .....

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he respondent. ORDER The order of the Bench was delivered by 1. A. Mohan Alankamony (Accountant Member).-These two appeals are filed by the Revenue, aggrieved by the separate order of the learned Commissioner of Income-tax (Appeals)-11, Chennai both order dated December 29, 2014 and passed under section 143(3) read with sections 147 and 250 of the Act in old I. T. A. No. 1145/13-14 and new I. T. A. No. 422/ CIT(A)-11/2013-14 for the assessment year 2005-06 and in old I. T. A. No. 1442/13-14 and .....

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IA of the Act following the decision of the hon'ble jurisdictional High Court in the case of Velayudhaswamy Spinning Mills P. Ltd. v. Asst. CIT [2012] 340 ITR 477 (Mad) though the special leave petition filed by the Revenue before the hon'ble apex court is pending by holding as follows : (i) Each eligible unit of the industrial undertaking has to be consid ered as if such eligible business where the only source of income of the assessee during the previous year relevant to the initial as .....

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carried forward and taken into consideration for the purpose of computation of deduction under section 80-IA of the Act. 3. The assessee is a company, engaged in the business of manufacturing and sale of carburetors and fuel pumps for two and four wheelers, filed its revised return of income for the assessment year 2005-06 on March 30, 2006 admitting income of ₹ 19,47,94,754 and the original return of income for the assessment year 2006-07 on November 31, 2006 admitting income of ₹ .....

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se rendered by the hon'ble jurisdictional High Court in the case of Velayudhaswamy Spinning Mills P. Ltd. v. Asst. CIT [2012] 340 ITR 477 (Mad). The learned Assessing Officer opined that since the Revenue is in appeal and the matter is pending before the hon'ble apex court, he is justified in disallowing the amount of ₹ 58,35,842 for the assessment year 2005-06 and ₹ 52,30,118 for the assessment year 2006-07 claimed as deduction under section 80-IA of the Act towards windmill .....

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learned Assessing Officer was directed to allow the claim of deduction under section 80-IA of the Income-tax Act, 1961. 6. Before us, the learned Departmental representative argued in support of the order of the learned Assessing Officer. The learned Departmental representative further submitted that the learned Assessing Officer had arrived at this decision out of abundant caution, because the Revenue has carried the matter before the hon'ble apex court and the matter was pending. The learn .....

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