https://www.taxtmi.com/caselaws?id=770960 ITAT Kolkata ruled in favor of the assessee on three grounds. The tribunal held that transfer pricing adjustment for captive power plant sales was invalid, following precedent that distinguished B2B power sales to distribution companies from B2C retail markets. Penalty proceedings under section 270A were quashed as the assessee had voluntarily disallowed education cess deduction via Form 69. Interest under section 234A was deleted since the return was filed within the extended due date of 15.02.2021, not the original deadline. en-us Wed, 23 Apr 2025 00:00:00 +0530 Mon, 19 May 2025 08:37:42 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=770960 ITAT Kolkata ruled in favor of the assessee on three grounds. The tribunal held that transfer pricing adjustment for captive power plant sales was invalid, following precedent that distinguished B2B power sales to distribution companies from B2C retail markets. Penalty proceedings under section 270A were quashed as the assessee had voluntarily disallowed education cess deduction via Form 69. Interest under section 234A was deleted since the return was filed within the extended due date of 15.02.2021, not the original deadline. Case-Laws Income Tax Wed, 23 Apr 2025 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=770960