M/S. BANCO ALUMINIUM LTD.,BARODA vs. THE DY.CIT, CIRCLE-1(1), BARODA

ITA 276/AHD/2015Status: DisposedITAT Ahmedabad29 September 2017AY 2011-1216 pages
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What did the Tribunal hold?

The Tribunal held that the assessee was eligible for deduction under Section 80IA(4) for its captive power generation plant. The Tribunal also found that the expenditure on spares for machinery was revenue in nature, not capital.

What were the facts?

The assessee claimed deduction under Section 80IA(4) for its captive power generation plant. The Assessing Officer disallowed this deduction, re-computed profits by adjusting the sale value of power, and initiated penalty proceedings. The assessee argued that all conditions for the deduction were met.

What were the issues?

Whether the captive power generation plant is eligible for deduction under Section 80IA(4), and whether expenditure on machinery spares is revenue or capital expenditure.

Which sections of the Income-tax Act were involved?

Section 80IA,Section 234D,Section 271(1)(c)

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Cases cited in this judgment(4)Show list

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Income Tax Appellate Tribunal, “ D ” BENCH, AHMEDABAD

Before: SHRI N.K. BILLAIYA & SHRI MAHAVIR PRASAD

For Appellant: Shri Sanket Bhakshi, A.R
Pronounced: 29/09/2017

Heard together (2 matters)

ITA No. 276/Ahd/2015
ITA No. 282/Ahd/2015

Read from the judgment's own cause title. This page is filed under one of them.

PER SHRI MAHAVIR PRASAD, JUDICIAL MEMBER :

These are two appeals by the assessee and department against the separate orders of the Commissioner of Income Tax(Appeals)-1, Vadodara,

The order continues below.

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