2014 (4) TMI 561

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..... assessee is eligible for deduction under Section 80IA of the Income Tax Act by urging that the Rail system is not a profit center but a cost saving exercise undertaken in terms of subsection (4) of Section 80IA ?"
S. C. Dharmadhikari And G. S. Kulkarni,JJ. For the Appellants: Mr. Vimal Gupta, Vipul Arun Bajpayee For the Respondents : Mr. J. D. Mistry, A. K. Jasaniappeal JUDGMENT P. C. 1 .....

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..... the assessee to demonstrate and plead that Rail system is a profit center. That, Rail system has been established and that all requirements of subsection (4) of Section 80IA are fulfilled, is not in dispute. That the Rail system is not to be donated or given to the railways for the benefit of the public. So long as the Rail system is operated and maintained which results in saving of transportati .....

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..... ks of accounts by the assessee is enough. The invoices are not raised and, therefore, by that itself a conclusion cannot be drawn that the rail system is not a profit center but cost saving one. Something more is required to be brought on record so as to enable the assessee to claim the benefit. 4 After hearing the counsel at some length and perusing with their assistance the orders passed by the .....

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