TMI Blog2014 (6) TMI 574X X X X Extracts X X X X X X X X Extracts X X X X ..... was of the view that till the AY 2005-2006, the Revenue considered the rate at which the power was purchased by the Assessee from Tata Power Company as market value - there is nothing brought on record as to how the rate determined by the MERC is the true market value - the reasons assigned by the ITAT and finding that the attempt is to seek re-appreciation and reappraisal of the factual data – thus, no substantial question of law arises for consideration – Decided against Revenue. Disallowance u/s 14A r.w Rule 8D of the Rules - Held that:- Following Godrej & Boyce Manufacturing Company Limited v/s DCIT [2010 (8) TMI 77 - BOMBAY HIGH COURT] - the disallowance u/s 14A of the Act, has to be made in accordance with the principles laid down ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... fact that the Tribunal was dealing with the Company engaged in the business of providing energy/ electricity and finding that the expenses have been incurred for development and to take care of environmental issues that we are of the opinion that the findings of fact do not raise any substantial question of law. 3. We are not impressed by Mr.Suresh Kumar's argument that the Revenue has questioned the findings and decision of the ITAT in the case of very Assessee for the Assessment Years 2001-2002, 2002-2003 and 20032004 simply because the Revenue's Appeals have been dismissed on the ground that the findings of fact in relation to Assessment Years prior to Assessment Years 1999-2000 and 2000-2001 were never questioned and challen ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ty Regulatory Authority (for short MERC ). Paragraph 36 set outs as to how the claim arose. The claim has been considered in the light of Section 80IA and particularly proviso and explanation thereto. The Tribunal eventually held that till the Assessment Year 2005-2006, the Revenue considered the rate at which the power was purchased by the Assessee from Tata Power Company as market value. There is nothing brought on record as to how the rate determined by the MERC is the true market value. The Assessee gave explanation that the rates determined by the MERC do not reflect the correct market rate. The finding is that the mode of computation and deduction under Section 80IA requires no deviation from the past. The findings of fact and to be ..... X X X X Extracts X X X X X X X X Extracts X X X X
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