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TMI Blog2017 (9) TMI 189X X X X Extracts X X X X X X X X Extracts X X X X ..... ne of Rs. 75,02,592/after holding that the relevant investments are out of assessee company's old and own funds, which exceeds tax free investments. Whereas assessee did not show that at the relevant point of time the funds were available? (2) Whether on the facts and in the circumstances of the case and in law, the ITAT is justified in holding that the adjustment made on account of disallowance u/s 14A of the Act, in computation of book profit u/s 115JB of the Act is not as per law without appreciating that the amount disallowable under section 14A is covered under clause (f) of Explanation to Section 115JB(2)? (3) Whether ITAT is right in law and on facts in allowing the assessee's claim of deduction u/s 80IA(4) of the IT Ac ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ile confirming the view of CIT (Appeals) made the following observations : "8. We have heard the rival contentions, perused the material available on record and gone through the orders of the authorities below. As the facts emerge, we find that the assessee's own funds, i.e., equity, reserve and surplus funds amounting to Rs. 32,699.06 lakhs far exceed the tax free investments. The impugned investments are old and out of own funds have not been rebutted. Relying on the 'Hon'ble Gujarat High Court judgments in the case of Hitachi Home and Life. Solutions (1) Ltd (supra), Torrent Power Ltd (supra) and other judgments mentioned above, we are of the view that when the assessee possesses own funds much more than the tax free investments, t ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... decided in favour of the assessee making the following observations : "10.1 Regarding eligibility and rate for the purpose of granting benefit, learned counsel for the assessee has contended that the assessee is entitled to claim market value of the eligible unit. In support of this contention, he has relied on the decisions of this court in Tax Appeal No. 1646 of 2010 A. C.I.T., Bharuch Circle, Bharuch, through Commissioner v. Pragati Glass Works Pvt. Ltd. decided on 30.1.2012; Tax Appeal No. 1493 of 2011 Commissioner of Incometax IV v. Shah Alloys Ltd., decided on 25.9.2012 and Tax Appeal No. 2092 of 2010 Commissioner of IncometaxIV v. Shah Alloys Ltd., decided on 22.11.2011. He has further relied on the decision of Calcutta High Court ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... gain from captive consumption of electricity supplied only to assessee by power plant of assessee will qualify for deduction under section 80IA. 10.4 Further reliance has been placed on the decision in the case of Commissioner of Incometax v. Cethar Ltd., reported in 228 Taxman 139 (Madras) (Mag.) where it is observed as follows: Assessee was entitled to claim deduction under section 80IA in respect of income relatable to power generated by its own wind mill that was consumed by assessee. 10.5 Lastly, the learned counsel for the assessee has relied on the decision of Madras High Court in the case of Tamilnadu Petro Products Ltd. v. Assistant Commissioner of Incometax reported in 338 ITR 643 where it is held as under: The revenue ..... X X X X Extracts X X X X X X X X Extracts X X X X
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