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TMI Blog2015 (1) TMI 926X X X X Extracts X X X X X X X X Extracts X X X X ..... d advocates for both the sides and considering the materials on record, we are of the view that the authorities below have rightly concluded that the disallowance cannot be sustained and the same is rightly deleted. - Decided in favour of assessee. - Tax Appeal No. 1184 of 2007 - - - Dated:- 24-12-2014 - MR. KS JHAVERI AND MR. K.J.THAKER, JJ. FOR THE APPELLANT : MR NITIN K MEHTA, ADVOCATE FOR THE RESPONDENT : MR RK PATEL, ADVOCATE JUDGEMENT Per: K S Jhaveri: 1. Being aggrieved and dissatisfied with the impugned order passed by the Income Tax Appellate Tribunal, Ahmedabad Bench 'B' (hereinafter referred to as 'the Tribunal') dated 25.01.2007 in ITA No. 583/Ahd/2003 for the Assessment Year 1994-95, ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... rcular No. 496 dated 25.09.1997 issued by CBDT and as no circular has been issued with reference to electricity duty, deferred electricity duty claimed as expenses was rightly disallowed u/s. 43B of the Act. In support of his submissions, Mr. Mehta has relied upon the decision of this Court in the case of Commissioner of Income-Tax vs. Gujarat Urja Vikas Nigam Ltd reported in [2010] 322 ITR 539 (Guj) wherein it is held that the provisions of section 43B of the Income Tax Act are applicable to the electricity duty payable to the Government. 6. Mr. R.K. Patel, learned advocate appearing for the respondent - assessee supported the impugned order and submitted that the same having been passed in accordance with law does not call for any inte ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... d to industrial unit under deferment scheme due to operation of sec. 43B of the Act. A scheme for interest free loans in lieu of tax or duty to industrial unit was introduced by Government under GR No. ING- 1087-143-1 dated 21-3-88. The Government passed resolution under GR No. TEX-1090-880-7 dated 21- 7-93 and in accordance with that resolution, Government has granted deferment on GEB up to 31-12-95. The Government of Gujart has granted concession for a period of 5 years from 1-1-91 to 31-12-95 and on that basis the amount get converted into unsecured loan being a State Government loan. In view of this fact, we do not find any illegality or infirmity in the order of the CIT(A). We accordingly confirm the order of the CIT(A). Thus, Ground N ..... X X X X Extracts X X X X X X X X Extracts X X X X
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