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| The Tax Publishers2020 TaxPub(DT) 2078 (Karn-HC) INCOME TAX ACT, 1961
Section 80-IA
Where revenue challenged order of Tribunal holding that only profit making power generating unit of assessee should be taken into account, and not the loss making units, in computing total income of the assessee for its eligible business to allow deduction under section 80-IA, following CIT V. Swarnagiri Wire Insulations (P.) Ltd, appeal of revenue was dismissed.
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Deduction under section 80-IA - Consideration of eligible business - Whether only profit making power generating unit of assessee should be taken into account -
Revenue challenged order of Tribunal holding that only profit making power generating unit of assessee should be taken into account, and not the loss making units, in computing total income of the assessee for its eligible business to allow deduction under section 80-IA. Held: Issue involved in instant appeal was squarely covered by Order dated 27-5-2011 passed in case of CIT v. Swarnagiri Wire Insulations (P.) Ltd. (2012) 349 ITR 245 (KAR).
Followed:CIT v. Swarnagiri Wire Insulations (P.) Ltd. (2012) 349 ITR 245 (KAR).
REFERRED :
FAVOUR : In assessee's favour
A.Y. :
IN THE KARNATAKA HIGH COURT
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