2023 (12) TMI 1421 - SCH - Income Tax

Assessee Wins Appeal as SC Dismisses All Others, Directs Registry Action Without Cost Orders

The SC allowed Civil Appeal No. 9920 of 2016 filed by the assessee(s) and dismissed all other Civil Appeals. The Court directed the Registry to take ... Disallowance pertaining to the exaggerated profit of captive power generating unit by claiming higher rate than the cost price or the market price charged by it on the supply of power made by it to 3rd party i.e., State Electricity Board - HC [2008 (9) TMI 949 - PUNJAB AND HARYANA HIGH COURT] decided against the revenue. Appellant(s) mentioned that in the judgment [2023 (12) TMI 417 - SUPREME COURT] ought to have been allowed, being filed by the assessee(s). HELD THAT:- Accordingly, paragraph ‘56’ of the said judgment may be read as under: “56. For the aforesaid reasons, all the Civil Appeals barring C.A. No.9920/2016 are hereby dismissed. Since C.A.No.9920/2016 is filed by the assessee(s), the same is allowed. However, there shall be no order as to cost.” The Registry is directed to do the needful. The Supreme Court of India, in a judgment delivered by Justices B. V. Nagarathna and Ujjal Bhuyan, allowed Civil Appeal No. 9920 of 2016 filed by the assessee(s) while dismissing all other Civil Appeals. The Court directed the Registry to take necessary actions, with no order as to costs. The judgment was based on legal reasoning specific to the mentioned Civil Appeal numbers.