AI OCR 
TaxTMI 
TaxTMI 
TaxTMI 
2017 (12) TMI 1257
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....w and to the facts and circumstances of the case. 2. Whether on the fact and in circumstances of the case and in law, the Ld. CIT(A) is correct in allowing deduction u/s 80lA undertaking wise and not on a consolidated basis. 3. For this and such other reasons as may be urged at the time of hearing, the order of the Id. CIT(A) may be vacated and that of the Assessing Officer be restored. 4. The appellant craves leave to add, amend, alter or delete any of the above grounds of appeal during the course of appellate proceedings before the Hon'ble Tribunal." 3. The issue raised in the preset appeal filed by the Revenue is against the allowance of deduction under section 80IA of the Act undertaking wise and not on a consolidated basis. ....
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....separate undertaking of the assessee and hence, the claim of assessee was held to be not correct. In turn, relying on the similar issue in the previous year the Assessing Officer curtailed the deduction under section 80IA(4) of the Act to Rs. 1,69,30,553/-. 5. The Commissioner of Income Tax (Appeals) relying on the ratio laid down in assessee's own case and the decision of Pune Bench of the Tribunal in the case of M/s. J-Sons Foundry Pvt. Ltd., Sangli, order dated 30.01.2013 held that the deduction under section 80IA(4) is to be allowed undertaking wise and not on consolidated basis. 6. The Revenue is in appeal against the order of CIT(A). 7. The ld. DR for the Revenue pointed that the Hon'ble Supreme Court in Synco Industries Ltd. Vs. A....
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....claiming the deduction in respect of first windmill installed for which it is entitled to claim the deduction for a period of 10 years, out of total period of 15 years, then in respect of balance windmill/s which were established much later, period of 10 years would get curtailed. He further pointed out that in the case of assessee, in any case the losses of windmill were being set off against other income i.e. the business income and the assessee had shown gross total income at Rs. 20 crores. Referring to the reliance placed upon by the ld. DR for the Revenue on the decision of Hon'ble Gujarat High Court in the case of Sintex Industries Ltd. Vs. Assistant Commissioner of Income Tax (OSD) (supra), the ld. AR for the assessee pointed that in....
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....ufacture of Zarda and after setting off of losses from Kuderekonda Karnataka Phase I, Kuderekonda Karnataka Phase II and Samana Gujarat Phase I & II, the assessee had declared the return of income at Rs. 19.69 crores. However, against the profits from the windmill at Satara Phase I, the assessee had claimed the deduction under section 80IA(4) of the Act at Rs. 2.42 crores. The Assessing Officer was of the view that the assessee was entitled to claim the deduction under section 80IA(4) of the Act after adjusting the losses from windmill against the profits of the windmill at Satara and hence, curtailed the deduction under section 80IA(4) to Rs. 1.69 crores as against Rs. 2.42 crores claimed by the assessee. 11. The issue of treating each wi....
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.... applicable only to quantum of deduction. It was further explained that in view of section 80B(5) of the Act, the gross total income shall be arrived at after adjusting losses of other division against profits derived from an industrial undertaking. 13. Applying the said principle laid down by the Apex Court, the Hon'ble Gujarat High Court (supra) while deciding the case of an assessee before it i.e. M/s. Sintex Industries Ltd. Vs. Assistant Commissioner of Income Tax (supra) curtailed the deduction under section 80IA of the Act on account of income derived from CPP and deduction under section 80IB of the Act on account of Baddi unit, since it had incurred losses in the Daman unit. In the facts of the said case after allocation of losses o....