DCIT, COIMBATORE vs. INDO SHELL CAST PVT. LTD., COIMBATORE

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ITA 457/CHNY/2015Status: DisposedITAT Chennai07 April 2015AY 2010-113 pages

In favour of the assessee: the Revenue's appeal was dismissed. From the AI summary of this appeal.

AI SummaryDismissed

What did the Tribunal hold?

The Tribunal held that profits derived from windmills are eligible for deduction under Section 80IA. They followed the jurisdictional High Court's judgment in the case of Velayudhaswamy Spinning Mills (P) Ltd. vs. ACIT.

What were the facts?

The Revenue appealed against the CIT(A)'s order granting deduction under Section 80IA for profits derived from windmills. The dispute concerned the eligibility of windmill profits for this deduction.

What were the issues?

Whether profits derived from windmills are eligible for deduction under Section 80IA of the Income Tax Act, 1961.

Which sections of the Income-tax Act were involved?

Section 80IA

AI-generated summary — verify with the full judgment below

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Income Tax Appellate Tribunal, “C” BENCH, CHENNAI

Before: SHRI CHANDRA POOJARI & SHRI V. DURGA RAO

For Respondent: Shri G. Baskar, Advocate
Hearing: 07.04.2015Pronounced: 07.04.2015

आदेश /O R D E R

PER CHANDRA POOJARI, ACCOUNTANT MEMBER

1.

This appeal by the Revenue is directed against the order of the Commissioner of Income-tax(Appeals) dated 29.12.2014.

- - 2 ITA 457/15

2.

The grievance of the Revenue in this appeal is with regard to granting of deduction under sec.80IA of the I.T. Act, 1961 in respect of profit derived from windmills.

3.

After hearing both the parties, we find that the issue in dispute is squarely covered in favour of the assessee by the judgment of the Jurisdictional High Court in the case of Velayudhaswamy Spinning Mills (P) Ltd. vs. ACIT (340 ITR 477), wherein it was held that the profit derived from windmills is entitled for deduction under sec.80IA of the Act. Respectfully following the above judgment of the Jurisdictional High Court, we are inclined to confirm the order of the Commissioner of Income- tax(Appeals) on this issue. Accordingly, the Revenue’s appeal is dismissed. Order pronounced in the open court at the time of hearing on Tuesday, the 7th of April, 2015 at Chennai.

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