2019 (9) TMI 1130

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.... 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 the assessment year 2014-15, the Assessing O....

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.... 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 eligible for deduction U/s.80IA of the Act. The ....

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....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 ITR 497 (Mad) held that the income earned from the....

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....pect 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 bank was towards Phase II project of "Chennai One IT....