https://www.taxtmi.com/caselaws?id=405608 The ITAT dismissed the revenue's appeal, upholding the CIT(A)'s decision to delete the addition of Rs. 5,32,43,724/- on account of the sale of steam. The ITAT reiterated that only real income, not notional income, could be taxed. As no real income accrued from the steam sale due to non-payment by SSL, the addition was unjustified. Consequently, the issue of disallowing proportionate expenses related to steam production became moot. The ITAT affirmed the CIT(A)'s order, emphasizing the lack of contrary evidence from the revenue to challenge the decision. en-us Fri, 19 Mar 2021 00:00:00 +0530 Wed, 24 Mar 2021 16:02:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=405608 The ITAT dismissed the revenue's appeal, upholding the CIT(A)'s decision to delete the addition of Rs. 5,32,43,724/- on account of the sale of steam. The ITAT reiterated that only real income, not notional income, could be taxed. As no real income accrued from the steam sale due to non-payment by SSL, the addition was unjustified. Consequently, the issue of disallowing proportionate expenses related to steam production became moot. The ITAT affirmed the CIT(A)'s order, emphasizing the lack of contrary evidence from the revenue to challenge the decision. Case-Laws Income Tax Fri, 19 Mar 2021 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=405608