Profit by captive consumption of electricity eligible for deduction u/s. 80-IA: Rajasthan HC

Hindustan Zinc Ltd. Vs CIT (Rajasthan High Court) Rajasthan High Court held that profits and gains generated by captive consumption of electricity is eligible for deduction under section 80-IA of the Income Tax Act. Accordingly, appeal of revenue dismissed. Facts- The assessee company derives income from manufacturing of zinc, lead and its by-products. The assessment of the assessee was completed on 22.12.2006 u/s. 143(3) of the Act of 1961 on total income of Rs. 7,33,72,00,910/- wherein AO had allowed the deduction under Section 80-IA of the Act, 1961 of Rs.27,89,49,535/- in respect of the as...