TMI Blog2013 (5) TMI 357X X X X Extracts X X X X X X X X Extracts X X X X ..... red 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 pic ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ng the deduction allowable under Section 80IA of the Income Tax Act on the basis of the following reasoning : The market value means the price that such goods or services would ordinarily fetch in the open market. 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. In ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... estricted to the rate at which sold to UPPCL, in this connection we again draw your kind attention that PGC-I was set up only for the generation and distribution of power to Renukoot Chemical Works Division and has charged the rate at which Renukoot Chemical Works Division would have purchased from SEB/UPPCL. It cannot be charged at the rate on which is sold to UPPCL because it was surplus power w ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... by the eligible business transferred to its other business for the purpose of computation of profits and gains of the eligible business in terms of section 80IA(8) of the Act. We find that the 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 ..... X X X X Extracts X X X X X X X X Extracts X X X X
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