https://www.taxtmi.com/caselaws?id=426201 For Section 80IA(8), inter-unit electricity transfers from a captive power unit to a steel division must be valued at the consumer-facing open market rate, not at the rate applicable to sales to the electricity board. On that basis, the Assessing Officer's revaluation of the transfer price was unsustainable and the relief granted to the assessee was upheld. On Section 14A read with Rule 8D, no disallowance could be made where no exempt income was earned during the year and the Assessing Officer had not properly recorded dissatisfaction or established the required nexus before invoking Rule 8D. The deletion of the disallowance was therefore sustained. en-us Fri, 29 Jul 2022 00:00:00 +0530 Tue, 09 Aug 2022 20:23:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=426201 For Section 80IA(8), inter-unit electricity transfers from a captive power unit to a steel division must be valued at the consumer-facing open market rate, not at the rate applicable to sales to the electricity board. On that basis, the Assessing Officer's revaluation of the transfer price was unsustainable and the relief granted to the assessee was upheld. On Section 14A read with Rule 8D, no disallowance could be made where no exempt income was earned during the year and the Assessing Officer had not properly recorded dissatisfaction or established the required nexus before invoking Rule 8D. The deletion of the disallowance was therefore sustained. Case-Laws Income Tax Fri, 29 Jul 2022 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=426201