Fair-rent assessment requires consideration of lease terms, valuation principles and prevailing market rent; the certificate was quashed for fresh rev...
Document Identification Number compliance is satisfied when electronically communicated orders are promptly authenticated through a correctly identifi...
Industrial shrimp-feed machinery classification follows its commercial function, placing integrated production plants under the specific industrial fo...
The ITAT Chennai ruled on deduction u/s 80IA, focusing on determining the market value of power supplied by the assessee to its industrial units. The AO argued for using rates fixed by Tariff Regulatory Commission, while the assessee supported using the average price of power purchased. The Supreme Court clarified that "market value" refers to the price in a free trade environment. It held that the market value should be based on the rate at which the State Electricity Board supplied power to consumers, not the rate sold to a supplier. The ITAT noted that the AO allowed the deduction for the initial year and subsequent years. The assessee used a price of ₹5.60 per unit based on charges paid to Tamilnadu Electricity Board. Ultimately, the ITAT held that the State Electricity Board's rate should be considered the market value for claiming deduction u/s 80IA, dismissing the Revenue's grounds.
The ITAT Chennai ruled on deduction u/s 80IA, focusing on determining the market value of power supplied by the assessee to its industrial units. The AO argued for using rates fixed by Tariff Regulatory Commission, while the assessee supported using the average price of power purchased. The Supreme Court clarified that "market value" refers to the price in a free trade environment. It held that the market value should be based on the rate at which the State Electricity Board supplied power to consumers, not the rate sold to a supplier. The ITAT noted that the AO allowed the deduction for the initial year and subsequent years. The assessee used a price of ₹5.60 per unit based on charges paid to Tamilnadu Electricity Board. Ultimately, the ITAT held that the State Electricity Board's rate should be considered the market value for claiming deduction u/s 80IA, dismissing the Revenue's grounds.
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