Commissioner of Income-tax, Coimbatore v. Eveready Spinning Mills P. Ltd
[Citation -2020-LL-0212-50]
| Citation | 2020-LL-0212-50 |
|---|---|
| Appellant Name | Commissioner of Income-tax, Coimbatore |
| Respondent Name | Eveready Spinning Mills P. Ltd. |
| Court | HIGH COURT OF MADRAS |
| Relevant Act | Income-tax |
| Date of Order | 12/02/2020 |
| Judgment | View Judgment |
| Keyword Tags | computing deduction • monetary limit • tax effect |
| Bot Summary: | In Order in TC No.555 of 2013 dated 12.02.2020 1.Whether under the facts and in the circumstances of the case, the Hon'ble Income Tax Appellate Tribunal right in law in holding that profits of the windmill for the purpose of computing deduction under Section 80IA is to be determined on the basis of annual landing cost of electricity purchased by the assessee from Tamil Nadu Electricity Board 2. Whether under the facts and in the circumstances of the case, the Hon'ble Income Tax Appellate Tribunal was right in law in holding that the price of Rs.2.70 per unit at which the assessee sold its power to Tamil Nadu Electricity Board cannot be equated with market rate as understood for the purpose of Section 80IA(8) 3. Whether under the facts and in the circumstances of the case, the Hon'ble Income Tax Appellate Tribunal was right in holding that the price of Rs.3.50 per unit at which the assessee purchases the electricity from Tamil Nadu Electricity Board corresponds to market value, in computing deduction under Section 80IA 2. In Order in TC No.555 of 2013 dated 12.02.2020 High Court in cases where the tax effect does not exceed Rs.1,00,00,000/-. In the instant case, the tax effect is said to be less than the monetary limit imposed and therefore, the appeal filed by the Revenue is dismissed as not pressed, keeping open the substantial questions of law for determination in an appropriate case. 12.02.2020 KST Note to Office: Copy of this order may be sent to both parties. |