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BHARGAV D. KARIA, D. N. RAY
Atul Limited – Appellant
Versus
Assistant Commissioner Of Income Tax (OSD) – Respondent
JUDGMENT :
Bhargav D. Karia, J.
1. This Tax Appeal is filed by the appellant- assessee under section 260A of the Income Tax Act,1961 [for short ‘the Act’] arising out of the order of the Income Tax Appellate Tribunal [for short ‘the Tribunal’] in ITA No. 3528/AHD/2004 for A.Y.2001-02.
2. This Court [Coram: Hon’ble The Chief Justice Mr. K.S.Radhakrishnan and Hon’ble Mr. Justice Akil Kureshi] by order dated 30.06.2009, admitted the Tax Appeal on the following substantial questions of law:
2. Whether, in the facts and circumstances of the case, the Income Tax Appellate Tribunal was right in law in holding that depreciation, whether claimed or not, on notional basis is required to be reduced from the profit of eligible industrial undertakings for the purpose of calculating deduction under Chapter VIA of the Act in spite of the fact that the new schem
Depreciation claims cannot be imposed on an assessee if not claimed, and deductions under sections 80HHC and 80IA cannot exceed the profits of the eligible business.
The court established that profits from captive consumption of electricity generated by an assessee's own power plant are eligible for deductions under Section 80-IA of the Income Tax Act, 1961.
Scope of sub-section (5) of Section 80-IA of Income Tax Act is limited to determination of quantum of deduction under sub-section (1) of Section 80-IA of Act by treating eligible business as only sou....
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