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2024 (2) TMI 147 - AT - Income TaxDeduction u/s. 80IA(4)(iv)(a) - A.O triggered the provisions of Section 80IA(8) of the Act by adopting the domestic purchase price of electricity by CSEB as the “market rate” and scaled down the assessee’s claim for deduction u/s. 80IA(4)(iv)(a) - as observed assessee had sold power to its steel division and associate enterprises @4.30/- per unit, which was much higher as in comparison to the price, at which, it had sold surplus power to Chhattisgarh State Electricity Board (CSEB), i.e. at contracted price - CIT(A) vacated the disallowance of the assessee’s claim for deduction u/s. 80IA - HELD THAT:- The issue involved in the present appeal is squarely covered by the aforementioned orders passed by the Tribunal in assessee’s own cases, [2015 (6) TMI 1243 - ITAT RAIPUR] A.Y.2008-09, [2022 (8) TMI 440 - ITAT RAIPUR] A.Y.2013-14 and [2022 (8) TMI 1445 - ITAT RAIPUR] A.Y. 2014-15 as well as the by the judgment of M/s. Godawari Power and Ispat Limited [2013 (10) TMI 5 - CHHATTISGARH HIGH COURT] We find that the Tribunal vide its order passed in the case of DCIT-2(1), Vs. M/s. Mahendra Sponge and Power Limited, [2022 (8) TMI 1445 - ITAT RAIPUR] had after exhaustive deliberations vacated the disallowance of the assessee’s claim for deduction u/s. 80IA(4)(iv)(a) as found favor with the claim of the assessee and observed, that the “market value” of the power supplied by the assessee to its steel division was rightly computed by considering the rate at which power was available in the open market, namely, the price that was charged by the electricity board. Decided in favour of assessee.
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