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TMI Blog2017 (1) TMI 513X X X X Extracts X X X X X X X X Extracts X X X X ..... the following substantial questions of law: "(i) Whether on the facts and in the circumstances of the case and in law, the ITAT was justified in upholding the decision of CIT(A) that deduction u/s. 80-IA(4) is allowable to the assessee for generation of power for captive consumption? (ii) Whether the Tribunal was right in law in allowing the assessee's claim of deduction of rs. 1954 crores u/s 80-IA(4) of the I.T. Act, 1961, when the assessee had adopted rate of power generation at Rs. 4.73 per unit, rate on which the GEB supplied power to its consumers, ignoring the rate of Rs. 2.36 per unit, the rate on which power generating company supplied its power to GEB? (iii) Whether on the facts and in the circumstances of the case and in l ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... hat the decision of the Tribunal in allowing the claim of the assessee being without considering the material on record is bad in law and requires to be interfered with. 5. Learned counsel for the assessee Mr. Soparkar has supported the order of the Tribunal and contended that the Tribunal has rightly allowed the claim of the assessee and therefore, no interference is call for with the order of the Tribunal. 6. We have heard learned counsel for the parties. We have perused the order of the Tribunal. So far as issue Nos. (i) and (ii) are concerned, for the detailed reasons given in Tax Appeal No. 471 of 2009 in ground (C) and (D) where after considering the decisions of the Madras High Court in the case of Tamilnadu Petro Products Ltd. v. ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... on No.1, it consequently deleted such addition under Section 115JB of the Act on the ground that this would not serve any purpose. 6.3 The Tribunal decided the said issue as follows : "94. We have considered the rival submissions and we find that similar issue was raised by Revenue as per ground No.3 above in respect of regular assessment of income and while deciding that ground, we have already upheld that disallowance of Rs. 5 lakh in respect of administrative expenses will meet the ends of justice and no disallowance is called for in respect of interest expenditure. Hence, for the purpose of computing book profit u/s 115 JB of the Act also, we hold accordingly and confirm the addition of Rs. 5 lakh. This ground of Revenue's appea ..... X X X X Extracts X X X X X X X X Extracts X X X X
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