The Tax Publishers2010 TaxPub(DT) 1938 (Mum-Trib) : (2010) 040 SOT 0314

Reliance Energy Ltd. v. Dy. CIT

INCOME TAX ACT 1961

Deduction under section 80-IA - Profits and gains derived from industrial undertakings -Generating and transmitting electricity in its own business-

Held :Provisions of section 80-IA(10) could be invoked only when there is a close connection between assessee carrying on eligible business and any other person and, course of business between them is so arranged that business transacted between them produces more than ordinary profits to assessee. Since, in instant case, assessee was generating and transmitting electricity in its own business only and there were no transactions with any other person, provisions of section 80-IA(10) were not applicable to its case.

Income tax act 1961 section 80-IA

Decision : In favour of Revenue.
A.Y : 2003-04

 

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