2019 (4) TMI 2038

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....ssment Year 2012-13. 2. The assessee company engaged in the business of processing manufacturing and trading of clothes filed its return of income on 25.09.2012 declaring total income of Rs. NIL, followed by a revised return filed on 28.09.2013 declaring total income of NIL which was processed u/s. 143(1) of the Act. Under scrutiny notice u/s. 143(2) dated 02.09.2013 followed by a further notice u/s. 143(2) r.w.s 129 along with 142(1) dated 18.11.2014 was issued.   During the course of assessment proceeding it was found that the assessee was having captive power plant on which the assessee was claiming deduction u/s. 80IA of the Act. It also appears that out of the total sales of Rs. 20,44,51,202/- made by the captive power plant....

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....assessee filed a certificate inform 10CCB from a charted accountant for claim and therefore the reasonableness and valuation of steam is certified through that certificate is eligible deduction. In support of its contention, assessee also filed a rate chart at Page No. 13 of Paper Book and same is reproduced as under: VISHAL FABRICS PRIVATE LIMITED STATEMENT OF COMPUTATION OF COST OF STEAM AND POWER SN PARTICULARS   2010-11     2009-10     20008-09   2007-08   2006-07   2005-06 A QUANTITATIVE DETAILS 1 TOTAL STEAM  GENERATION KGS 157762938   KGS 159223900   KGS 154169059   154614653 &....

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....p;   POWER TO PROCESS UNITS 11011469   UNITS 12184333   UNITS 11748597   11857052   11843364   11107888   B EXPRENSES  INCURRED                   TOTAL RS/  KC TOTAL RS/ KC TOTAL *S/KG                                   1 LIGNITE & COAL RS. 117202086   RS. 111244176   RS. 125388619   88141936   73476124   58649912   2 MAINTENANCE &nbs....

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....573541   106190960                                     E STEAM COST CHARGED TO                                 PROCESS RS. 135349309 1.15 RS. 131483657 1.15 RS. 128546744 1.15 86142633 0.80 71872809 0.65 47785932 0.45                                     ....