Home Case Index All Cases Income Tax Income Tax + HC Income Tax - 2016 (10) TMI HC This
Forgot password New User/ Regiser ⇒ Register to get Live Demo
2016 (10) TMI 1111 - HC - Income TaxDeduction u/s 80IA(4) - allowability to the assessee for generation of power for captive consumption? - eligibility criteria - Held that:- As decided in SHAH ALLOYS LIMITED case [2011 (11) TMI 762 - GUJARAT HIGH COURT] under similar circumstance 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 consideration by the market value comes into picture. We may notice that the Tribunal did not accept the contention of the assessee that the electricity is neither goods nor services and that, transfer of electricity, therefore, would not be covered under subSection (8) of Section 80IA of the Act. However, in so far as the Tribunal's reasoning to adopt the market value of the goods at ₹ 5.40 ps. per unit is concerned, we find no error. - Decided against revenue
|