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Commissioner of Income-Tax Versus Ucal Fuel Systems Ltd.

2016 (5) TMI 286 - MADRAS HIGH COURT

Eligibility of deduction under Section 80IA - Held that:- 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 [2010 (3) TMI 860 - Madras High Court ].- Decided in favour of the assessee. - Tax Case Appeal No. 1167 of 2015 - D .....

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d its return, for the assessment year 2006-07, declaring a taxable income of ₹ 36,61,15,170. The case was taken up for scrutiny and an order was passed, under section 143(3) of the Income-tax Act, 1961 (hereinafter referred to as "the Act"), on December 21, 2009, making a total addition of ₹ 6,90,458. The case was reopened, under section 147 of the Act, for the reason that the assessee had claimed excessive expenses on product development expenses, under section 35 of the A .....

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er section 80-IB ₹ 1,0461,625. The above additions resulted in an additional demand of ₹ 5,34,98,281. 2.2 Aggrieved by the assessment order, the assessee company had preferred an appeal before the Commissioner of Income-tax (Appeals)-II, in Old I. T. A. No. 1442/13-14 and new I. T. A. No. 528/Commissioner of Income-tax (A)-11/2013-14. The Commissioner of Income-tax (Appeals)-II, by his order, dated December 29, 2014, had allowed the appeal of the asses see, regarding the disallowance .....

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. T. A. No. 1108/Mds./2015. The Tribunal, by its order, dated June 26, 2015, had dismissed the appeal filed by the Department, following the decision of this court, in the case of Velayudhaswamy Spinning Mills P. Ltd. v. Asst. CIT [2012] 340 ITR 477 (Mad) ; [2010] 231 CTR (Mad) 368. 2.5 Challenging the order of the Tribunal, dated June 26, 2015, the Department has filed the present appeal, before this court, under section 260A of the Act, raising the following substantial questions of law : &quo .....

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rt in the case of Velayudhaswamy Spinning Mills P. Ltd. [2012] 340 ITR 477 (Mad) when the same is pending before the hon'ble Supreme Court in SLP Civil (No.) 1136 of 2011 ? Whether on the facts and in the circumstances of the case the Income-tax Appellate Tribunal was correct in holding that the initial assessment year to section 80-IA(5) would only mean the year of claim of deduction under section 80-IA and not the year of commencement of eligible business ?" 3. The learned counsel app .....

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ncial assessment year. D. The Income-tax Appellate Tribunal ought to have appreciated that as per section 80-IA(5) the undertaking eligible for deduction under section 80-IA should be treated as only source of income for computing the quantum of deduction. E. The Income-tax Appellate Tribunal erred in following the decision of the jurisdictional High Court in the case of Velayudhasamy Spinning Mills when the same is in appeal before the hon'ble Supreme Court. F. The Income-tax Appellate Trib .....

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