https://www.taxtmi.com/caselaws?id=342686 For computing deduction under section 80IA, electricity transferred from a captive power unit to the assessee's other business had to be valued at market value; the Tribunal accepted the State electricity board purchase rate as the proper benchmark because no contrary authority was shown. The assessee's bonus provision was also treated as an accrued and ascertained liability, not a contingent one, because the allocable surplus under the Bonus Act exceeded the statutory maximum bonus payable. As a result, the captive power value was taken at the board rate for section 80IA computation, and the bonus provision was not added back while computing book profit under section 115JB. en-us Fri, 05 May 2017 00:00:00 +0530 Tue, 09 May 2017 20:52:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=342686 For computing deduction under section 80IA, electricity transferred from a captive power unit to the assessee's other business had to be valued at market value; the Tribunal accepted the State electricity board purchase rate as the proper benchmark because no contrary authority was shown. The assessee's bonus provision was also treated as an accrued and ascertained liability, not a contingent one, because the allocable surplus under the Bonus Act exceeded the statutory maximum bonus payable. As a result, the captive power value was taken at the board rate for section 80IA computation, and the bonus provision was not added back while computing book profit under section 115JB. Case-Laws Income Tax Fri, 05 May 2017 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=342686