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2018 (2) TMI 1724 - AT - Income TaxDeduction u/s 80IA disallowed - profit derived from power generation unit - Held that:- We respectfully follow the decision of Hon’ble Jurisdictional High Court rendered in assessee’s own case for A.Y. 2007-08 [2013 (5) TMI 357 - CALCUTTA HIGH COURT] on a similar issue held the figures picked up by the AO from the orders of UPPCL does not represent the open market value of electricity. The market value for the purpose of subsection 8 of section 80IA of the Act is a price arrived at between buyer and seller in the open market where transaction takes place in normal course of business in contrast to a situation where price is fixed between a buyer and a seller negotiation done under legislative mandate. We uphold the impugned order of the Ld. CIT(A) deleting the addition made by the A.O. on account of disallowance of deduction under section 80IA. The appeal of the revenue is accordingly dismissed.
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