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TMI Blog2022 (4) TMI 1268X X X X Extracts X X X X X X X X Extracts X X X X ..... D ] relying on various decision in support of the claim made by the assessee and acceptance by the AO that steam is a form of power and eligible for deduction and for the basis of deduction relying on the engineers certificate as well different case laws held. CIT(A) has rightly deleted the addition and profit margin kept by the assessee in Captive consumption is fair and reasonable. In our consi ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... e Ld. CIT(A) has erred in law and on the facts in deleting the disallowance of deduction u/s. 80Ia of the Act on account of profit from sale of steam of ₹ 2,81,35,809/-. 3. The facts of the case are that the assessee company is engaged in the business of processing, manufacturing and trading of cloths. In this case, the learned AO disallowed a sum of ₹ 2,81,35,809/- being profit ear ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... bench for A.Y. 2011-12 in assessee's own case with following observations: 7. We have also gone through the assessment order in details in that there is a finding of the AO in Page No. 9 Para ii, wherein she has stated that 80IA(4) is an allowable deduction on steam and there is no dispute on it, steam has already been held to be power within the meaning of Section 80IA(4) of the Act. Wh ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... refore, relying on various decision in support of the claim made by the assessee and acceptance by the AO that steam is a form of power and eligible for deduction and for the basis of deduction relying on the engineers certificate as well different case laws held. CIT(A) has rightly deleted the addition and profit margin kept by the assessee in Captive consumption is fair and reasonable. In our co ..... X X X X Extracts X X X X X X X X Extracts X X X X
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