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TMI Blog2014 (9) TMI 831X X X X Extracts X X X X X X X X Extracts X X X X ..... and from and out of such an undertaking or an enterprise set up, any profit or gain is derived, such profit or gain derived by the assessee can be deducted in its entirety for a period of 10 years starting from the date of functioning of the set up - profit or gain could be obtained by one's own consumption of the outcome of any such undertaking or business enterprise - there is no difficulty in holding that captive consumption of the power generated by the assessee from its own power plant would enable the assessee to derive profits and gains by working out the cost of such consumption of power – the order of the Tribunal is upheld – Decided against revenue. - Tax Case (Appeal) No. 389 of 2014 - - - Dated:- 26-8-2014 - R. Sudhakar And ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... grieved by the same, the assessee filed a further appeal before the Income Tax Appellate Tribunal. The Tribunal agreed with the contentions of the assessee allowed the appeal holding that the assessee was deriving income from generation of electricity. The Tribunal also held that the assessee instead of getting cash benefit, was getting credit for the units supplied to the Government agency and thus it cannot be said that the income earned by the assessee by supplying the units to the TNEB falls within the meaning of term 'attributable to'. Aggrieved by the order of the Tribunal, the present Tax Case (Appeal) has been filed by the Revenue. 3. Mr.M.P.Senthilkumar, learned counsel takes notice for the respondent/assessee. Both the ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... of section 80-IA of the Income-tax Act, such profit or gain derived by the assessee can be deducted in its entirety for a period of 10 years starting from the date of functioning of the set up. The contention that profit or gain can be claimed by the assessee only if such profit or gain is derived by the sale of its product or power generated to an outsider cannot be the manner in which the provisions contained in section 80-IA(1) can be interpreted. The expression 'derived' used in the said section 80-IA(1) in the beginning as well as in the last part of sub-section (4) makes it abundantly clear that such profit or gain could be obtained by one's own consumption of the outcome of any such undertaking or business enterprise as ..... X X X X Extracts X X X X X X X X Extracts X X X X
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