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The Assistant Commissioner of Income-tax Versus M/s. Prem Textiles International

2015 (5) TMI 1049 - ITAT CHENNAI

Deduction under sec.80IA - 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 questio .....

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t. 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 - ITA No. 311/Mds/2015 - Dated:- 15-5-2015 - SHRI CH .....

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er of the Commissioner of Income-tax (Appeals) dated 27.11.2014. 2. The grievance of the Department in this appeal is with regard to granting of deduction under sec.80IA of the Income-tax Act, 1961. 3. The assessee is an exporter of home textiles pro .....

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from windmill division. The Assessing Officer disallowed the deduction claimed u/s.80IA. The ld. AR of the assessee placed reliance on the ratio held in Velayudhaswamy Spinning Mills Pvt. Ltd. (340 ITR 477), wherein the jurisdictional High Court held .....

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had total turnover of ₹ 74,26,272/- through sale of power generated out of windmill and admitted Rs. 65,12,277/- as income from windmill business and claimed deduction u/s.80IA. The Assessing Officer denied the claim of the assessee for deduct .....

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the assessee went in appeal before the Commissioner of Income-tax(Appeals). On appeal, the Commissioner of Income-tax(Appeals), following the aforesaid judgment of the Madras High Court in the case of Velayudhaswamy Spinning Mills Pvt. Ltd. (supra), .....

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