TMI Blog2017 (7) TMI 743X X X X Extracts X X X X X X X X Extracts X X X X ..... e Income Tax Act, 1961 and even for the purpose of computing the books of account as per Section 115-JA of the Income Tax Act, 1961. The question is therefore answered in favour of assessee - D. B. Income Tax Appeal No. 65 / 2010, D.B. Income Tax Appeal No. 57 / 2010 - - - Dated:- 14-7-2017 - Govind Mathur And Vinit Kumar Mathur, JJ. For the Appellant : Mr. KK Bissa, Sr. Standing Counsel with Mr. HG Chanda Mr. Gajendra Singh Chouhan For the Respondent : Mr. Praful Khurana Mr. Ankit Sareen JUDGMENT These appeals are before us to examine correctness of the judgment dated 23.9.2008 passed by the Income Tax Appellate Tribunal, Jodhpur Bench, Jodhpur in ITA Nos.422/JU/2007 405/JU/2007 against the assessment year 2004 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... provisions of the Act. So, the application of analogy of u/s 80IA in toto by considering the provisions of sec. 115JA(ii) is not permissible under law. The provision contained in Section 115JA(ii) being self contained provision having over riding effect on all other provisions of the Act, it is to be strictly construed in its application. The provisions contained in clause (4) of the Explanation attached to subsection (2) of sec. 115JA(ii) clearly mandates that the book profit is to be reduced by the profit derived by an industrial undertaking from the business of generation or generation and distribution of power. A plain reading of this provision clearly indicates that the profit derived by the industrial undertaking from generating of po ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... has calculated the book profit for the purpose of levy of minimum alternate tax payable on profit as per the consolidated profit and loss account [including profit of all seven units] consisting of power generating units also and reducing therefrom the profits of power generating units and dividend income. This claim of the assessee is found to be in accordance with the language and tenor of the provisions contained in sec. 115JA(ii). Hence the claim of the assessee is found as correct. The other view taken by the AO has set aside by the ld. CIT(A) is incorrect. 8. The ld. Departmental representative sought to draw our attention to the Apex Court s judgment in the case of Appollo Tyres Ltd. Vs. CIT [2002] 255 ITR 273 (SC) wherein it ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... accordance with provisions of Part 2 and 3 of Schedule 6 of the Company s Act, 1966 has been increased in terms of explanation provided under that section and thereafter he has reduced rightly the amount of profits derived by industrial undertaking from business of generation or generation and distribution of power in terms of reductions as provided for in the same Explanation. This Explanation does not explicitly say that only that amount of profit derived by industrial undertaking is to be reduced that is credited to the profit and loss account. Even if the amount is not specifically credited to the profit and loss account, it was sufficient that such amount of profit found part of the consolidated profit and loss account of the assessee ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... lt with as per provisions of Section 80-IA and is entitled for the deduction in the same terms. The order aforesaid came to be affirmed by the Hon ble Supreme Court in bunch of appeals led by Civil Appeal No.3461/2010; Commissioner of Income Tax, Delhi Vs. M/s. DCM Shriram Consolidated Ltd. On perusal of the facts and all legal aspects of the matter, we are satisfied that the issue involved in this appeal is also required to be decided in terms of the judgment referred above. In view of it, this appeals preferred by the Revenue are dismissed with conclusion that Tribunal rightly declared the assessee entitled to claim deduction as prescribed under Section 80-IA of the Income Tax Act, 1961 and even for the purpose of computing the books o ..... X X X X Extracts X X X X X X X X Extracts X X X X
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