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TMI Blog2019 (7) TMI 1373X X X X Extracts X X X X X X X X Extracts X X X X ..... or the purposes of the eligible business are transferred to any other business carried on by the assessee or where any goods or services held for the purposes of any other business carried on by the assessee are transferred to the eligible business and in either case the consideration for such transfer does not correspond to the market value of such goods as on the date of the transfer, then for the purposes of deduction under Section 80IA in case of the eligible business as if the transfer had been made at the market value of such goods or services. It is in this context that the question of substituting the actual consideration by the market value comes into picture. In view of the aforesaid, this appeal fails and is hereby dismissed. ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ned ITAT has erred in law and on facts in allowing the assessee's claim for deduction u/s. 80IA(4) of the Income Tax Act on the basis of purchase price of power from GEB by its customers without appreciating the fact that the Assessing Officer had correctly adopted the rate of ₹ 2.11/per unit i.e. the rate at which power generating companies sold electricity to Gujarat Urjja Vikas Nigam Ltd., since the assessee had utilized power generated by its Captive Power Plant for captive consumption of its eligible units and had not sold electricity in the market? 3 Both the questions referred to above proposed by the Revenue are with respect to the deduction under Section 80IA(4) of the Act at the rate on which the GEB su ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... hase price of power from GEB and substituting the rates of 2.47 per unit adopted by the Assessing Officer. 4. Since both the issues are covered by various judgments of this Court, we do not find it necessary to record facts at any length. Division Bench of this Court by judgment dated 22.11.2011 in Tax Appeal No.2092/2010 in somewhat similar controversy observed as under: 3. With respect to Question [B], the issue pertains to subSection (8) of Section 80IA of the Income Tax Act, 1961. The assessee had a CPP Unit generating electricity, which was supplying it to a general unit. The electricity generated is being supplied to other consumers also. The CPP unit charged ₹ 5.40 ps. Per unit from the gener ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... y. 6. Under subSection(8) of Section 80IA of the Act, if it is found that where any goods or services held for the purposes of the eligible business are transferred to any other business carried on by the assessee or where any goods or services held for the purposes of any other business carried on by the assessee are transferred to the eligible business and in either case the consideration for such transfer does not correspond to the market value of such goods as on the date of the transfer, then for the purposes of deduction under Section 80IA in case of the eligible business as if the transfer had been made at the market value of such goods or services. It is in this context that the question of substituting the actual ..... X X X X Extracts X X X X X X X X Extracts X X X X
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