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2023 (4) TMI 1294 - ITAT RAIPURTP Adjustment - price paid by the assessee to its AE for purchase of power was higher than the rate paid by the State Electricity Board for purchase of power from Captive Power plants - as observed by the TPO that there was a basic difference between purchase of power by the assessee directly from its AE as against that made from a non-AE, thus adopted the average rate of Rs.3.07 per unit at which Chhattisgarh State Power Distribution Company Ltd, i.e a non-AE had purchased power from Captive Power plant as a comparable to benchmark the ALP of per unit rate of 32208103 units of electricity purchased by the assessee company from its AE - as observed by the CIT(A) that the price at which Chhattisgarh State Power Distribution Company Ltd. had purchased power from Captive Power plants, i.e. at the rate of Rs.3.07 per unit could not have been adopted as a comparable transaction for benchmarking the ALP of per unit rate of electricity purchased by the assessee company from its AEs - HELD THAT:- We find that on an earlier occasion the Tribunal in the case of Mahendra Sponge and Power Ltd [2022 (8) TMI 1445 - ITAT RAIPUR], had observed, that the issue presently under consideration before us was squarely covered by its earlier decision passed in the case of ACIT vs. Godavari Power and Ispat Ltd. [2011 (11) TMI 107 - ITAT, BILASPUR]. As further observed by the Tribunal that the Hon’ble High Court of Chhattisgarh in the case of CIT vs. Godavari Power and Ispat Ltd [2016 (2) TMI 1375 - CHHATTISGARH HIGH COURT] had observed, that the lower appellate authorities had rightly computed the market value of the power after comparing the same with the rate at which power was available in the open market, namely the price charged by the Chhattisgarh State Electricity Board. Decided against revenue.
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