Essar Power Ltd v. Addl. Commissioner Of Income Tax, Range -5(1

IN THE HIGH COURT OF JUDICATURE AT BOMBAYO. O. C. J. INCOME TAX APPEAL NO.69 OF 2009 Essar Power Ltd. ... Appellant. Vs. Addl. Commissioner of Income Tax, Range -5(1)....Respondent. ..... Mr.Atul K.Jasani for the Appellant.Mr. J.S. Saluja for the Respondent. CORAM : DR. D.Y.CHANDRACHUD & J.P. DEVADHAR, JJ. 18[th] January, 2010. P.C.: The appeal was admitted on the following substantial question of law : “Whether the eligible income of an undertaking in respect of which deduction is available under Section 80-IA has to be reduced by depreciation for the year even though the assessee has exercised the option not to claim depreciation under section 32 in arriving at its income of the undertaking (power plant) for the purpose of computing the assessee’s income under the head profits and gains of business of profession ?” Counsel appearing on behalf of the Assessee states that the aforesaid question is covered against the assessee and in favour of the Revenue by the judgment of the Full Bench in Plastiblends India Ltd. vs. ACIT, (2009) 318 ITR 352. The question of law shall accordingly stand answered against the assessee in terms of the judgment of the Full Bench in the case of Plastiblends India (supra). The appeal shall stand disposed of. There shall be no order as to costs. ( Dr.D.Y.Chandrachud, J.) ( J.P.Devadhar, J.)