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2018 (3) TMI 1179 - AT - Income TaxDeduction u/s 80IA(4) in respect of profits on 90MV Captive Power Plant - Hon’ble High Court’s judgment in assessee’s own case [2016 (10) TMI 1111 - GUJARAT HIGH COURT] wherein Their Lordships have approved adoption of rate of power generation at ₹ 4.73 per unit i.e. the rate on which GEB supplied power to its consumers and not the rate of ₹ 2.36 per unit i.e. the rate at which the assessee had supplied its power to GEB. In effect thus the legal position seems to be that the rate at which internal consumption of power is to be taken into account is the rate at which GEB sells power to its consumers. Accordingly, we deem it fit and proper to remit the matter to the file of the Assessing Officer for examining the claim in the light of above legal position. In case of working of profits on which deduction under section 80IA(4) is claimed is indeed on this basis, the Assessing Officer will allow the same.
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