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2019 (7) TMI 1373 - HC - Income TaxDeduction u/s 80IA(4) - rate of power purchase from captive power plant - rate on GEB supplied power to its customers OR the rate at which the power generating company supplied to the GEB - Tribunal held that the rate at which G.E.B. supplied power to its consumers will be the rate - HELD THAT:- The proposed issues are no longer res integra as they are directly covered by the decision of this Court in the case of CIT vs. Gujarat Alkalies and Chemicals Ltd [2016 (10) TMI 1111 - GUJARAT HIGH COURT] wherein as Under sub-Section(8) of Section 80IA, 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. In view of the aforesaid, this appeal fails and is hereby dismissed.
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