https://www.taxtmi.com/caselaws?id=768029 ITAT Amritsar allowed the assessee's appeal on transfer pricing adjustments for power and steam transactions, ruling that the assessee's arm's length pricing methods were correct and the AO's adjustments were unjustified. The tribunal held that power prices determined by state regulations cannot be considered market value under Section 80-IA(8), and the AO erred in steam pricing methodology. However, the tribunal dismissed the assessee's claim for Section 80G deduction on CSR contributions, stating it would defeat CSR requirements. The appeal regarding deemed income under Section 41(1) was allowed to prevent double taxation. en-us Fri, 28 Feb 2025 00:00:00 +0530 Fri, 28 Mar 2025 15:34:34 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=768029 ITAT Amritsar allowed the assessee's appeal on transfer pricing adjustments for power and steam transactions, ruling that the assessee's arm's length pricing methods were correct and the AO's adjustments were unjustified. The tribunal held that power prices determined by state regulations cannot be considered market value under Section 80-IA(8), and the AO erred in steam pricing methodology. However, the tribunal dismissed the assessee's claim for Section 80G deduction on CSR contributions, stating it would defeat CSR requirements. The appeal regarding deemed income under Section 41(1) was allowed to prevent double taxation. Case-Laws Income Tax Fri, 28 Feb 2025 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=768029