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ITAT dismissed the Revenue's appeal. The Tribunal affirmed that...
Depreciation on goodwill upheld; captive-generation deduction under section 80IA(4) allowed using Electricity Board supply rate; steam treated as power
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ITAT dismissed the Revenue's appeal. The Tribunal affirmed that the allowance of depreciation on goodwill, previously settled in favour of the assessee and approved by the High Court for earlier assessment years (including AY 2007-08), stands confirmed. Further, in determining the arm's length price for purposes of deduction under section 80IA, the Tribunal held that profits and gains from an infrastructure undertaking are deductible where power is generated for captive consumption; such deduction is to be computed by reference to the rate at which the Electricity Board supplies power to its consumers. Steam produced by the assessee was characterised as "power" for the purposes of section 80IA(4), entitling the assessee to the benefit.
ITAT dismissed the Revenue's appeal. The Tribunal affirmed that the allowance of depreciation on goodwill, previously settled in favour of the assessee and approved by the High Court for earlier assessment years (including AY 2007-08), stands confirmed. Further, in determining the arm's length price for purposes of deduction under section 80IA, the Tribunal held that profits and gains from an infrastructure undertaking are deductible where power is generated for captive consumption; such deduction is to be computed by reference to the rate at which the Electricity Board supplies power to its consumers. Steam produced by the assessee was characterised as "power" for the purposes of section 80IA(4), entitling the assessee to the benefit.
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