https://www.taxtmi.com/caselaws?id=470083 For captive power undertakings, an Indian Energy Exchange rate may constitute market value where it reflects an independent third-party transaction under Section 80IA(8). If more than one valid market value exists for the relevant period and area, the assessee may select any such value, and the Revenue cannot substitute another valid rate to reduce eligible profits. Certified Emission Reduction receipts are treated as non-taxable capital receipts because they arise from environmentally beneficial measures rather than ordinary trading operations; where they contain no profit element, they are excluded from book profit. Gift-expense disallowance may be sustained where earlier materially similar facts supported non-business-use disallowance. Telephone and mobile expense disallowance requires verification of the company's personal-expenditure contention. en-us Wed, 27 Apr 2016 00:00:00 +0530 Wed, 15 Jul 2026 17:49:19 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=470083 For captive power undertakings, an Indian Energy Exchange rate may constitute market value where it reflects an independent third-party transaction under Section 80IA(8). If more than one valid market value exists for the relevant period and area, the assessee may select any such value, and the Revenue cannot substitute another valid rate to reduce eligible profits. Certified Emission Reduction receipts are treated as non-taxable capital receipts because they arise from environmentally beneficial measures rather than ordinary trading operations; where they contain no profit element, they are excluded from book profit. Gift-expense disallowance may be sustained where earlier materially similar facts supported non-business-use disallowance. Telephone and mobile expense disallowance requires verification of the company's personal-expenditure contention. Case-Laws Income Tax Wed, 27 Apr 2016 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=470083