https://www.taxtmi.com/caselaws?id=445229 ITAT Ahmedabad ruled on captive power plant electricity valuation and TUFF subsidy treatment. The tribunal held that electricity supplied by captive power plants to associated enterprises for section 80IA deduction should be valued at market rates charged by State Electricity Board to industrial consumers. The assessee correctly computed electricity sales at Rs. 5.50 per unit based on Torrent Power rates. Revenue's exclusion of certain charges was unjustified. However, ITAT refused to adjudicate the new ground regarding TUFF subsidy as capital receipt, finding it did not emanate from assessment records and was not discussed by the Assessing Officer. Decision favored assessee on electricity valuation but rejected the new ground on TUFF subsidy. en-us Tue, 31 Oct 2023 00:00:00 +0530 Thu, 02 Nov 2023 16:23:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=445229 ITAT Ahmedabad ruled on captive power plant electricity valuation and TUFF subsidy treatment. The tribunal held that electricity supplied by captive power plants to associated enterprises for section 80IA deduction should be valued at market rates charged by State Electricity Board to industrial consumers. The assessee correctly computed electricity sales at Rs. 5.50 per unit based on Torrent Power rates. Revenue's exclusion of certain charges was unjustified. However, ITAT refused to adjudicate the new ground regarding TUFF subsidy as capital receipt, finding it did not emanate from assessment records and was not discussed by the Assessing Officer. Decision favored assessee on electricity valuation but rejected the new ground on TUFF subsidy. Case-Laws Income Tax Tue, 31 Oct 2023 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=445229