2020 (12) TMI 85

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....he circumstances of the case, the Tribunal was right in holding that the assessee was entitled to claim deduction under Section 80IA for captive power consumption relating to the assessment year 2006-07?" 2. The issue involved is as to whether the benefit of such deduction under Section 80IA of the Act to the new Industrial Undertaking is available to the Assessee to the extent of power charges realised by it from the Group Company situated within the same premises where the Assessee manufactures or produces Electricity energy. 3. The learned Tribunal, by its impugned order, allowed the claim of the Assessee following the jurisdictional High Court's decision in the case of CIT v. Thiyagaraja Mills Limited (T.C.A.Nos.68 to 70 of 20....

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....se and from and out of such an undertaking or an enterprise set up, any profit or gain is derived, falling under sub-sec. covered by sub-sec.(4) of Sec.80IA of the Act such profit or gain derived by the assessee can be deducted in its entirety for a period of 10 years starting from the date of functioning of the set up. The contention that profit or gains can be claimed by the assessee only if such profit or gain is derived by the sale of its product or power generated to an outsider cannot be the manner in which the provisions contained in Section 80IA(1) can be interpreted. The expression 'derived'; used in the said Sec.80IA(1) in the beginning as well as in the last part of the sub-sec.(4) makes it abundantly clear that such profit or ga....