2017 (9) TMI 662

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....e based on the decision of Hon'ble Calcutta High Court in assessee's own case. 2. The brief facts of this issue is that the assessee claimed deduction u/s 80IA of the Act in respect of its captive power plant which was directed to be granted as per the decision of Hon'ble Calcutta High Court in assessee's own case for assessment year 2002-03. However, with regard to the issue of determination of market value of electricity, the same was remanded to the file of the Ld. AO by this Tribunal to decide as per the decision rendered by the Hon'ble Calcutta High Court in assessee's own case for assessment year 2002-03. The Ld. AR of the assessee indeed made reference to the fact that against this order of Hon'ble Calcutta High Court, the assesse....

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....ed on the final outcome of the appeal by the Hon'ble Supreme Court. 3. In response to this, the Ld. DR stated that there was no error in the order of this Tribunal warranting rectification. He argued that in any case if the assessee succeeds in Hon'ble Apex Court on the valuation of market value of power for captive consumption vis-à-vis deduction u/s 80IA of the Act, the Ld. AO had to give effect for the same pursuant to the order of the Hon'ble Supreme Court. Hence, the assessee would not have any grievance in this regard. 4. We have heard the rival submissions and perused the case laws relied upon by the Ld. AR. We find that this Tribunal had passed an order on the aspect of determination of market value of power for....

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....me based on the final outcome of Hon'ble Supreme Court in the case of Exide Industries Ltd. (supra). But in the instant case, no such interim order of Hon'ble Supreme Court has been brought to our notice by the Ld. AR for the assessee. Hence, the decision relied thereon by the Ld. AR would not come to the rescue of the assessee. 4.1. With regard to another decision of Hon'ble Karnataka High Court relied upon by the Ld. AR in the case of CIT vs. I.T.C. Hotels reported in 363 ITR 254 (Kar), we find that in the said case, the Revenue had no objection to remand this matter to the file of the Ld. AO to decide the allowability of deduction u/s 80HHD of the Act based on the final outcome of the decision of the Hon'ble Supreme Court.....