CIT v. Alloys Ltd.

DY. COMMISSIONER OF INCOME TAX , CIRCLE-3(1), HYDERABAD vs. SAI REGENCY POWER CORPORATIONS PRIVATE LIMITED,, HYDERABAD

In the result, the appeal of the Revenue is allowed for statistical purposes

Bench: Before Shri Rama Kanta Panda & Shri Laliet Kumarassessment Year: 2012-13 Dy.Commissioner Of Vs. Sai Regency Power Income Tax, Corporation Private Circle – 3(1), Limited, Kondapur, Hyderabad. Hyderabad. Pan : Aaccr6134R. (Appellant) (Respondent) Assessee By: Shri C.A. M.Chandramouleswar Rao Revenue By: Shri K.P.R.R. Murthy. Date Of Hearing: 14.06.2022 Date Of Pronouncement: 22.06.2022 O R D E R Per Laliet Kumar, J.M. This Is An Appeal Filed By The Revenue Having Aggrieved By The Order Passed By The Ld.Commissioner Of Income Tax (Appeals)-3, Order Dt.18.06.2019 For The Assessment Year 2012-13. 2. The Only Effective Ground Raised By The Revenue Reads As Under : “Ld.Cit(A) Erred In Deleting The Disallowance U/S. 80Ia On Interest Income Of Rs.3,00,93,705/- Without Appreciating The Fact That The Assessee Company Is Not Eligible For Deduction U/S. 80Ia On Interest Income Of Rs.3,00,93,705/- As The Income Was Not Directly Generated From Business Operations & Ignoring The Fact That Assessee Itself Has Shown Separately Such Income In The Computation Of Income For A.Y. 2010-11 & Not Claimed Deduction U/S 80Ia Thereon.”

…1 IN THE INCOME TAX APPELLATE TRIBUNAL Hyderabad ‘ A ‘ Bench, Hyderabad Before Before Shri Rama Kanta Panda, Accountant Member AND Shri Laliet Kumar, Judicial Member Assessment Year: 2012-13 Dy.Commissioner of Vs. Sai Regency Power Income Tax, Corporation Private Circle – 3(1), Limited, Kondapur, Hyderabad. Hyderabad. PAN : AACCR6134R. (Appellant) (Respondent) Assessee by: Shri C.A. M.Chandramouleswar Rao Revenue by: Shri K.P.R.R. Murthy. Date of hearing: 14.06.2022 Date of pronouncement: 22.06.2022 O R D E R Per Laliet Kumar, J.M. This is an appeal filed by the Revenue having aggrieved by the order passed by…