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TMI Blog2008 (12) TMI 756X X X X Extracts X X X X X X X X Extracts X X X X ..... d. Assessing Officer held that since the assessee sold the units to outsiders at the rate of 3.70 per unit, such amount alone should be taken into consideration as receipts for the units captively consumed. HELD THAT:- The law has already been settled by this Court. Therefore, in our considered opinion, we do not find that there is any substantial question of law involved in this matter which is t ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... from such sale was about ₹ 3.70 per unit, whereas the amount paid by it to the KSEB for the energy purchased from it was ₹ 4.31 per unit. For computation of profit under Section 80IA, the assessee computed the receipts for captively consumed power at the rate at which it had purchased the power from the Board. The view which was taken by the Assessing Officer was different and it hel ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... amount of the duty involved therein should be deducted and the amount less the duty element should be considered by the AO as the receipts for the units captively consumed for determining the profits eligible for deduction under Section 80IA of the Act." Such fact and the position have also been considered by the learned Tribunal which would be evident from the order so passed by the learned Tri ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ch goods would ordinarily fetch in the open market. It cannot be disputed that the amount charged by KSEB for supply of the power to the assessee is the price which is ordinarily charged in the open market. This issue also came up for consideration in several decisions of the Tribunal in the undernoted cases :- (i) Assam Carbon Products Ltd. vs. ACIT (2006) 100 TTJ 224 (Kol) (ii) JCIT vs. Cipla ..... X X X X Extracts X X X X X X X X Extracts X X X X
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