Condonation of Delay: Tribunal directed condonation where rectification proceedings were pursued, ordering merits adjudication after opportunity to be...
Restriction of Input Tax Credit under Rule 86A applies only to fraudulently or ineligible availed credit; mere wrongful recipient availment is insuffi...
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The ITAT upheld deletion of transfer pricing adjustments on captive power supplied to eligible manufacturing units for section 80-IA purposes, applying the Supreme Court principle that the relevant market value is the rate charged by the State Electricity Board or distribution company to industrial consumers, not the regulated or contracted surplus-power rate. It accepted the annual landed cost paid by the manufacturing units as the proper benchmark and rejected the Revenue's challenge. The Tribunal also sustained allocation of common head office expenses on the fixed-asset ratio, holding that the Revenue had followed the same method in earlier years and no change in facts or law justified a profitability-based allocation. All four Revenue appeals were dismissed.
The ITAT upheld deletion of transfer pricing adjustments on captive power supplied to eligible manufacturing units for section 80-IA purposes, applying the Supreme Court principle that the relevant market value is the rate charged by the State Electricity Board or distribution company to industrial consumers, not the regulated or contracted surplus-power rate. It accepted the annual landed cost paid by the manufacturing units as the proper benchmark and rejected the Revenue's challenge. The Tribunal also sustained allocation of common head office expenses on the fixed-asset ratio, holding that the Revenue had followed the same method in earlier years and no change in facts or law justified a profitability-based allocation. All four Revenue appeals were dismissed.
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