TMI Blog2020 (12) TMI 85X X X X Extracts X X X X X X X X Extracts X X X X ..... rgy produced by it. See TAMILNADU PETRO PRODUCTS LTD. VERSUS ASSISTANT COMMISSIONER OF INCOME-TAX [ 2010 (11) TMI 645 - MADRAS HIGH COURT] - Decided against revenue. - Tax Case (Appeal) No.377 of 2013 - - - Dated:- 19-11-2020 - Dr. Justice Vineet Kothari And Mr. Justice M.S. Ramesh For the Appellant : Mr.T.Ravikumar, Senior Standing Counsel For the Respondent : Mr.Sridhar JUDGMENT DELIVERED BY DR.VINEET KOTHARI, J. The present Appeal has been filed by the Revenue under Section 260-A of the Act raising the following purported substantial questions of law as against the order of the learned Tribunal dated 3.6.2011 for the Assessment Year 2006-2007:- Whether on the facts and in the circumstances of the case, ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... in the above case are reproduced below:- 8. The contention that only whatever power generated from the sale to an outsider of the electricity board , and the profit or gain derived by such sale alone can be taken as profit or gains derived by the assessee as mentioned in Sec. 80IA(1) of the Act, has been rejected by the Tribunal in the order impugned. In our considered view, the Tribunal was well justified in having rejected such a stand of the appellant. Having referred to sec 80IA(1) of the Act, we are also convinced that what are all to be satisfied in order to be eligible for the deduction as provided under sub-sec.(1) of Sec.80IA, the assessee should have set up an undertaking or an enterprise and from and out of such an un ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ch consumption of power inasmuch as the assessee is able to save to that extent which would certainly be covered by Sec.80IA(1). When such will be the outcome of own consumption of the power generated and gained by the assessee by setting up its own power plant, we do not find any lack of merit in the claim of the respondent/assessee when it claimed by relying upon Sec.80IA( 1) of the Act by way of deduction of the value of such units of power consumed by its own plant by way of profit and gains for the relevant assessment years. 16. Since the above decision of the jurisdictional High Court effectively overrules the coordinate Bench decision in Chettinadu Cement Corpn Ltd. (supra), we are of the opinion that reliance placed by ld. DR ..... X X X X Extracts X X X X X X X X Extracts X X X X
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