Dismissing the appeal of the revenue the Court held that, for computing deduction profits arising from captive consumption of electricity, valuation of electricity provided to another unit should be at rate at which electricity distribution companies were allowed to supply electricity to consumers.
CIT v. Reliance Industries Ltd. (2019) 261 Taxman 358/(2020) 421 ITR 686 (Bom.)(HC) Editorial: SLP is granted to the revenue, CIT v. Reliance Industries Ltd. (2019) 418 ITR 13 (St) (SC)/( 2020) 270 Taxman 19 (SC)
S. 80IA : Industrial undertakings–Infrastructure development- Captive power-Valuation of electricity provided to another unit should be at rate at which electricity distribution companies were allowed to supply electricity to consumers.