https://www.taxtmi.com/caselaws?id=752960 The ITAT Chennai dismissed Revenue's appeal regarding determination of market value for power supplied under section 80IA deduction. Following SC precedent in Jindal Steel Power Limited, the tribunal held that market value should be computed based on rates at which State Electricity Board supplied power to industrial consumers in open market, not rates fixed by Tariff Regulatory Commission for generating companies. The assessee's adoption of average price of Rs.5.60 per unit from electricity purchased from Tamil Nadu Electricity Board was upheld as proper market value determination for section 80IA deduction calculation. en-us Fri, 17 May 2024 00:00:00 +0530 Tue, 21 May 2024 12:37:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=752960 The ITAT Chennai dismissed Revenue's appeal regarding determination of market value for power supplied under section 80IA deduction. Following SC precedent in Jindal Steel Power Limited, the tribunal held that market value should be computed based on rates at which State Electricity Board supplied power to industrial consumers in open market, not rates fixed by Tariff Regulatory Commission for generating companies. The assessee's adoption of average price of Rs.5.60 per unit from electricity purchased from Tamil Nadu Electricity Board was upheld as proper market value determination for section 80IA deduction calculation. Case-Laws Income Tax Fri, 17 May 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=752960