Home Case Index All Cases Income Tax Income Tax + HC Income Tax - 2013 (5) TMI HC This
Forgot password New User/ Regiser ⇒ Register to get Live Demo
2013 (5) TMI 357 - HC - Income TaxDeduction u/s 80IA - AO reduced the profits shown by the assessee for the purpose of computing the deduction allowable u/s 80IA of the Income Tax Act on the basis of the reasons that the assessee company itself has shown the sale to UPPCL and that is to be considered as market rate for the sale of power as it cannot be sold to any other person except the UPPCL - The learned Tribunal allowed the claim for deduction under Section 80IA stating that, " AO has taken figures from units of powers sold to UPPCL at 0.89 units @ Rs.24,43,159/- as against the price of assessee i.e. inter-unit transfer @ Rs.43,02,187/- per unit. We are of the view that the figures picked up by the AO from the orders of UPPCL does not represent the open market value of electricity" Held that:- It would appear that the views adopted by the learned Tribunal, prima facie, are correct. - After hearing both the parties, the appeal does not involve any substantial question of law therefore, not admitted and thus rejected.
|