Bona fide disclosure requirements govern under-reporting penalties, and post-penalty immunity applications cannot secure available statutory protectio...
Certificate-of-origin verification procedure governs preferential customs benefits; denial without retroactive verification was set aside with consequ...
Disciplinary Committee jurisdiction and mandatory investigation requirements invalidated cancellation of an insolvency professional's registration and...
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
Contents
Summary
Note
Bookmark
Share
✓ Copied successfully !
Print
Print Options
For full text, please login
Login to TaxTMI
Verification Pending
The Email Id has not been verified. Click on the link we have sent on
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.
Note: It is a system-generated summary and is for quick reference only.
TaxTMI 
of 4805
Join Channel
TaxTMI 
