THE COMMISSIONER OF INCOME TAX vs. M/S KARANTAKA POWER CORPORATION LTD.

THE COMMISSIONER OF INCOME - TAX

THE ASST. COMMISSIONER OF INCOME – TAX, CIRCLE – 11(5), RASHTROTHANA BHAVAN, NRUPATHUNGA ROAD, BENGALURU. ... APPELLANTS

The following substantial questions of law are proposed for consideration in this appeal: “1. Whether on the facts and in the circumstances of the case, the tribunal was correct in holding that the assessee is entitled to deduction under section 80IA of the Act without setting off of the loss of loss-making units against the profits of the profit – making units, without taking into consideration that deduction is provided to the eligible business and not for an undertaking?

Whether on the facts and in the circumstances of the case, the tribunal was correct in holding that section 115JB was not applicable to the assessee in view of Explanation – 3 to section 115JB without appreciating that the amendment is applicable only with effect from 1.4.2013 relevant Assessment year 2013 – 14?

Whether on the facts and in the circumstances of the case the Tribunal was correct in accepting the additional ground raised regarding applicability of section 115JB without appreciating that the assessee has neither raised the issue before he Assessing officer or before the Appellate Commissioner and the assessee itself in it’s return of income has admitted the applicability of section 115JB of the Act?”

When the matter is taken up today, learned counsel for the parties submitted that the proposed substantial question of law No.1 has been already answered by a Division Bench of this Court vide judgment dated 19.01.2015 in I.T.A.No.778/2009, whereas, substantial question of law No.2 is answered by another Division Bench of this Court vide judgment dated 16.01.2020 in ITA.No.18/2014. Accordingly, substantial question of law No.3 does not survive.