2014 (9) TMI 831

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....ssee is entitled to the claim of deduction under Section 80IB in respect of the income relatable to the power generated by the Wind Mill that was consumed by the assessee by treating the said income as income derived fromthe eligible undertaking?" 2. The assessee company is a manufacturer of Boilers and in the business of generation of electricity through wind mills. The assessee filed its return of income for the assessment year 2005-06 declaring a total income of Rs. 39,69,73,114/-. In the re-assessment proceedings, the Assessing Officer held that the assessee had claimed benefit of deduction under Section 80IA on the amount of Rs. 38,79,459/-, whereas the assesee was eligible for deduction under Section 80IA only on actual sale of pow....

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....essee, thereby allowed the appeal.   4. In T.C.(A)Nos.68 to 70 of 2010 (CIT V. Thiagrarajar Mills Ltd.), this Court, by order dated 07.06.2010, held as follows: "8. The contention that only whatever power generated from the sale to an outsider or the electricity board, and the profit or gain derived by such sale alone can be taken as profits or gains derived by the assessee as mentioned in section 80-IA(1) of the Income-tax Act has been rejected by the Tribunal in the order impugned. In our con-sidered view, the Tribunal was well justified in having rejected such a stand of the appellant. Having referred to section 80-IA(1) of the Income-tax Act, we are also convinced that what is all to be satisfied in order to be eligible for t....