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M/s I.T.C. Limited Versus DCIT, Circle-8, Kolkata

Rectification of mistake - Allowability of deduction u/s 80IA - determination of quantum thereon with regard to captive consumption of electricity - Held that:- We find that this Tribunal had passed an order by placing proper reliance on the decision of the Hon’ble Jurisdictional High Court on the issue of allowability of deduction u/s 80IA of the Act and determination of quantum thereon with regard to captive consumption of electricity. We do not find any error in the said order passed by this .....

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he Act is devoid of merits and deserves to be dismissed - M.A. No. 58 of 2017 (a/o I.T.A No. 336/Kol/2011) - Dated:- 8-9-2017 - Hon ble Shri M. Balaganesh, AM And Shri S. S. Viswanethra Ravi, JM For the Appellant : Shri J.P. Khaitan, Sr. Advocate For the Respondent : Shri David Z. Chowngthu, Addl. CIT DR ORDER Per M.Balaganesh, AM 1. By virtue of this miscellaneous application, the assessee seeks to rectify the order of this Tribunal dated 22.03.2017 seeking for minor rectification on the ground .....

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nation of market value of electricity, the same was remanded to the file of the Ld. AO by this Tribunal to decide as per the decision rendered by the Hon ble Calcutta High Court in assessee s own case for assessment year 2002-03. The Ld. AR of the assessee indeed made reference to the fact that against this order of Hon ble Calcutta High Court, the assessee had preferred a special leave petition (SLP) before the Hon'ble Supreme Court and the same has been admitted and leave is granted by the .....

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of Section 254(2) of the Act, for which miscellaneous application has been preferred by the assessee. In support of this argument, the assessee placed reliance on the decision of this Tribunal in the case of Hindustan Gum & Chemicals Ltd. [2017] (3) TMI 1173 (ITAT Kolkata), wherein, while disposing of appeal with regard to allowance of leave encashment on provision basis vis-à-vis section 43B of the Act, the Tribunal had given a specific direction to the ld. AO to give effect to the s .....

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in the order of this Tribunal warranting rectification. He argued that in any case if the assessee succeeds in Hon ble Apex Court on the valuation of market value of power for captive consumption vis-à-vis deduction u/s 80IA of the Act, the Ld. AO had to give effect for the same pursuant to the order of the Hon'ble Supreme Court. Hence, the assessee would not have any grievance in this regard. 4. We have heard the rival submissions and perused the case laws relied upon by the Ld. AR. .....

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ch less an error falling within the meaning of provision of Section 254(2) of the Act warranting any rectification thereon. We find that in the case law relied upon by the Ld. AR on the Co-ordinate Bench of this Tribunal in the case of Hindustan Gums & Chemicals Ltd. , this was an issue on the allowability of provision for leave encashment vis-à-vis Section 43B(f) of the Act. The very same issue had travelled to Hon ble Supreme Court which had initially stayed the order of Hon ble Cal .....

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ng the issue of allowability towards provision for leave encashment to the file of the Ld. AO to decide the same based on the final outcome of Hon'ble Supreme Court in the case of Exide Industries Ltd. (supra). But in the instant case, no such interim order of Hon'ble Supreme Court has been brought to our notice by the Ld. AR for the assessee. Hence, the decision relied thereon by the Ld. AR would not come to the rescue of the assessee. 4.1. With regard to another decision of Hon ble Kar .....

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nue at the time of hearing, the same would not act as a binding precedent. Hence, this decision also would not come to the rescue of the assessee in the instant case. 4.2. We find that this Tribunal had passed an order by placing proper reliance on the decision of the Hon ble Jurisdictional High Court on the issue of allowability of deduction u/s 80IA of the Act and determination of quantum thereon with regard to captive consumption of electricity. We do not find any error in the said order pass .....

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