2019 (9) TMI 1130

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....ondent : Shri AR.V. Sreenivasan, JCIT ORDER PER S. JAYARAMAN, ACCOUNTANT MEMBER:- The assessee filed this appeal against the order of the Commissioner of Income Tax (Appeals)-6, Chennai in ITA No.296/CIT(A)-6/2016-17 dated 27.12.2018 for the assessment year 2014-15. 2. M/s. IG3 Infra Pvt. Ltd., the assessee, is in the development of infra / SEZ projects. While making the assessment for....

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....k deposit with SBI and Rs. 37,03,479/- accrued on SBI bank deposits with SME branch. He pleaded that the electricity deposit was a compulsory deposit insisted for its only "Chennai One" SEZ unit at Pallavaram, whose income is eligible for deduction U/s.80IA of the Act. Since, the property is eligible for deduction U/s.80IA of the Act, the interest on the electricity deposit of the property is also....

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....ssessee's appeal may be allowed. 4. Per contra, the Ld.DR taking us through the order of the Ld.CIT(A) submitted that the Ld.CIT(A) relying on various decisions of Hon'ble Supreme Court viz., CIT vs. K. Ravindranathan Nair [2007] 295 ITR 228 (SC), Liberty India vs. CIT [2008] 317 ITR 218 (SC) and the decision of the Hon'ble Jurisdictional High Court in CIT vs. Pandian Chemicals Ltd., [1998] 233....

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....ter VIA, which provides for a deduction only in respect of the income 'derived from/by the eligible undertakings' and emphasized his plea. Further, with regard to the assessee's plea on the allowance of interest income from SBI for the deduction claim U/s.80IA, the Ld.DR submitted that the assessee is having Rs. 287,85,28,479/- as Reserves and Surplus. Further, the margin money deposited in the....