The Transfer Pricing Officer determined the value of steam generated by the assessee’s biomass steam power plant at Nil on the ground that biomass was a by-product. The Tribunal held that steam is a form of power eligible for deduction under section 80-IA and its arm’s length price could not be taken at Nil. The evidence established that only 20 per cent. of the steam generated was used for electricity generation and the balance was consumed in the manufacturing process. The assessee’s transfer price, supported by an engineer’s report and the CUP method, was held to be at arm’s length and the transfer pricing adjustment was deleted. (AY. 2013-14).