https://www.taxtmi.com/caselaws?id=257825 On s.80-IA(8) valuation of captively consumed power, ITAT held that "market value" includes prices evidenced by independent third-party trades, power exchange rates, or the state grid's sale price to the captive consumer in the relevant area/period, but not the state grid/third-party purchase price of surplus power; where multiple market benchmarks exist, the assessee may adopt any bona fide market value and the AO cannot substitute another, hence the s.80-IA disallowance was deleted. On "gift" expenditure, following its earlier order, ITAT upheld the partial disallowance sustained by CIT(A), hence relief was denied. On telephone expenses, ITAT remanded to the AO to verify absence of personal use in a company, hence allowed for statistical purposes. Sales tax subsidy and carbon credit were held capital receipts (including for s.115JB book profit), hence additions were deleted. Interest u/s 244A on refunds after MAT credit adjustment was allowed, following HC rulings. en-us Mon, 27 Jan 2014 00:00:00 +0530 Sat, 10 Jan 2026 11:16:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=257825 On s.80-IA(8) valuation of captively consumed power, ITAT held that "market value" includes prices evidenced by independent third-party trades, power exchange rates, or the state grid's sale price to the captive consumer in the relevant area/period, but not the state grid/third-party purchase price of surplus power; where multiple market benchmarks exist, the assessee may adopt any bona fide market value and the AO cannot substitute another, hence the s.80-IA disallowance was deleted. On "gift" expenditure, following its earlier order, ITAT upheld the partial disallowance sustained by CIT(A), hence relief was denied. On telephone expenses, ITAT remanded to the AO to verify absence of personal use in a company, hence allowed for statistical purposes. Sales tax subsidy and carbon credit were held capital receipts (including for s.115JB book profit), hence additions were deleted. Interest u/s 244A on refunds after MAT credit adjustment was allowed, following HC rulings. Case-Laws Income Tax Mon, 27 Jan 2014 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=257825