Subscribe to the Bombay Chartered Accountant Journal Subscribe Now!

April 2011

Income from generation of power: Deduction u/s.80-IA of Income-tax Act, 1961: Assessee in the business of generation of electricity: Assessee is entitled to deduction u/s.80-IA in respect of notional income from generation of electricity which was captively consumed by itself.

By K. B. Bhujle, Advocate
Reading Time 1 mins
fiogf49gjkf0d
[Tamilnadu Petroproducts Ltd. v. ACIT, 328 CTR 454 (Mad.)]

Dealing with the scope of section 80-IA(4)(iv) of the Income-tax Act, 1961, the Madras High Court held that the assessee, which is in the business of generation of electricity is entitled to deduction u/s.80-IA in respect of notional income from generation of electricity which was captively consumed by itself.

Download PDF

You May Also Like

Income: Deemed to accrue or arise in India: Section 9(1)(i) and (vi) of Income-tax Act, 1961: A.Y. 1997-98: Assessee, a non-resident company leased out transponder capacity on its satellite to foreign TV channels to relay their signals for Indian viewers: Provisions of section 9(1)(i) and 9(1)(vi) not applicable: No income accrues or arises in India.

Export profit: Company: MAT: Section 80HHC and section 115JB of Income-tax Act: When income of company is assessed u/s.115JB, assessee is entitled to deduction u/s.80HHC computed in accordance with Ss.(3) and (3A) of section 80HHC: Restriction contained in section 80AB or section 80B(5) cannot be applied and carried forward business loss or depreciation cannot be first set off leaving gross total income nil.