section (13) of Section 80IB provides that the provisions contained in sub-section (5) and sub-sections (7) to (12) of Section 80IA shall ... eligible business under this section.
The provision of Section 80IB(1) and sub-section (7) of Section 80IA of the Act are reproduced below
80IA(4) of the Act. The AO analysed
the provisions of section 80IA(4) , CBDT Circular No.10/2005, dated
16-12-2005 and observed ... definition of port for
the purpose of section 10(23G) and section 80IA subject to the condition
that the concerned port authorities has issued
CBDT has clarified that it is abundantly clear from sub-
section 2 of section 80IA of the Act that the assessee has the option ... interpreting 'initial
assessment year' as mentioned in sub- section 5 of section 80IA of the Act. The
copy of Circular is placed
notified as a
customs area under section 8 of the Customs Act, deduction u/sec.
80IA(4) of the Act could not be given ... doing this, ld. Assessing Officer placed reliance on
sub-section (10) to Sec. 80IA of the Act.
14. In its appeal before ld. Commissioner
pertained to the petitioner's claim
of deduction under section u/s. 80IA(4)(iv) of the Act
in respect to sale of steam ... power and shall
qualify for the benefits available under
section u/s. 80IA(4)(iv) ."
13. From the above reply of the petitioner
financial statements. Even
otherwise, assessee is entitled to deduction under section 80IA of the Act in past
and current years and hence, there ... under provisions of section 28 of
the Act in AY 2009-10. Even otherwise, assessee is entitled to deduction
under section 80IA
purposes of
overriding provisions of s. sec.5 of sec.80-IA of the Act.
5.3.3 Section 80IA of the Act is a code ... computed in the manner specified in that section and other provisions
contained in Chapter VIA. Section 80IA contains both substantive and
procedural provisions for computation
undertaking or
enterprise referred to in sub-section (1)."
16. The aforesaid Explanation to Sec.80IA of the Act was Substituted by the Finance ... clause (a) of clause (1) of sub
section (4) of Section 80IA of the Act refer to ownership of the enterprise and not the
ownership
correct to interprete the operation of Section 80IA(5) only form
the year of first claim of deduction u/s 80IA(1) even when ... eligible profits to be computed for claiming the deduction under section 80IA(5)
of the Act.
5. Briefly, in the facts of the case
raised by the Department relates to the claim of deduction
under section 80IA of the Act. While the assessee has challenged part
disallowance of deduction ... provisions contained
under section 80IA, and more particularly, sub-section (8) of section
80IA, held that the section specifically provides for a situation where
