ASSTT. COMMISSIONER OF INCOME TAX, CC-1, LUCKNOW, AAYAKAR BHAWAN, ASHOK MARG, LUCKNOW vs. APCO INFRATECH PVT. LTD., VIBHUTI KHAND GOMTI NAGAR LKO

In the result, appeals vide

Bench: Shri Anadee Nath Misshra & Shri Subhash Malguria

80A of the Act provides that the aggregate amount of the deductions under Chapter VI-A shall not exceed the ‘gross total income’ of the Assessee. We are in agreement with the Appellate Authority that Section 80AB of the Act which deals with determination of deductions under Part C of Chapter VI-A is with respect only to computation

ACIT, RANGE-I, LUCKNOW vs. M/S APCO INFRATECH PVT. LTD.,, LUCKNOW

gains by an industry entitled to benefit\nunder Section 80-E cannot be reduced by the loss suffered by any\nother industry or industries owned by the assessee.\n15. In the case before us, there is no discussion about Section 80-\nIA(5) by the Appellate Authority, nor the Tribunal and the High Court.\nHowever, we have considered the submissions

M/S. APCO INFRATECH PVT. LTD.,,LUCKNOW vs. ACIT-I, LUCKNOW

In the result, appeals vide I

80A of the Act\nprovides that the aggregate amount of the deductions under Chapter\nVI-A shall not exceed the 'gross total income' of the Assessee. We are\nin agreement with the Appellate Authority that Section 80AB of the\nAct which deals with determination of deductions under Part C of\nChapter VI-A is with respect only to computation

ACIT, RANGE-I, LUCKNOW vs. M/S APCO INFRATECH PVT. LTD., LUCKNOW

capital in SPVs will yield dividend income which\nwould not be includible in assessee's total income. Hence, assessee should not\ndeducted the interest incurred on the amounted invested in these SPVs. The claim\nof assessee that the surplus interest free funds were available with the assessee\nand the investment made in SPVs are out of these surplus funds