Classification of imported goods as electronic cigarette versus tobacco product reversed for lack of proof; order set aside for jurisdictional overrea...
Reversal of input tax credit in proportion to exempt supply: specificity of show-cause notice required; order set aside, fresh proceedings allowed wit...
Fixed capacity charges received under a power purchase agreement were held to be profits "derived from" the business of generation and supply of electricity, since the undertaking's sole business was power generation and the charges were inextricably linked to assured capacity allocation; mismatch with actual offtake could not justify restricting deduction to variable charges alone. Deduction under section 80IA was therefore allowable on the entire eligible business receipts, including annual fixed charges. Invocation of section 80IA(10) alleging a colourable device was rejected because the specified domestic transactions were found at arm's length, and the arrangement reflected industry and regulatory pricing norms; the Revenue's appeal was dismissed. - ITAT
Fixed capacity charges received under a power purchase agreement were held to be profits "derived from" the business of generation and supply of electricity, since the undertaking's sole business was power generation and the charges were inextricably linked to assured capacity allocation; mismatch with actual offtake could not justify restricting deduction to variable charges alone. Deduction under section 80IA was therefore allowable on the entire eligible business receipts, including annual fixed charges. Invocation of section 80IA(10) alleging a colourable device was rejected because the specified domestic transactions were found at arm's length, and the arrangement reflected industry and regulatory pricing norms; the Revenue's appeal was dismissed. - ITAT
Note: It is a system-generated summary and is for quick reference only.
TaxTMI 
TaxTMI 
of 4819 
Join Channel 
