C.A. No. 005524 / 2017
PR COMMISSIONER OF INCOME TAX-1 vs GUJARAT ALKALIES AND CHEMICAL LTD
Status
DISPOSED
Judges
HON'BLE MRS. JUSTICE B.V. NAGARATHNA and HON'BLE MR. JUSTICE UJJAL BHUYAN
Order Date
07-12-2023
Filed On
31-03-2017 12:00 AM
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View Full Judgment
AI Summary
Under Section 80-IA(8) of the Income Tax Act, 1961, the "market value" of electricity transferred from a captive power generating unit to the assessee's own industrial units must be determined as the price at which the State Electricity Board supplies electricity to industrial consumers, not the price at which surplus power is sold to the State Electricity Board under a compulsory purchase agreement, since a price distorted by statutory monopoly and contractual obligation cannot constitute open market value.