S. 80IA : Industrial undertakings-Enterprises engaged in infrastructure development-Market value-Captive power plant-Power supplied to own units-Rate to be adopted at which assessee supplies surplus power to State Electricity Board-Not determined in normal course of Trade and competition but under statutory contract. [S. 80IA ((4) (iv) 80IA(8), Electricity (Supply) Act, 1948, S. 43, 43A 44]
CIT v. Jindal Steel and Power Ltd (2023) 335 CTR 1017/. (2024)460 ITR 162/ 297 Taxman 253 (SC) CIT v. Reliance Industries Ltd 9 2023) 335 CTR 1017/. (2024)460 ITR 162/ 297 Taxman 253 (SC) Editorial : Decisions of the Punjab and Haryana High Court in CIT v. Jindal Steel and Power Ltd(20024) 460 ITR 159 (P&H) (HC), the Bombay High Court in CIT LTU v. Reliance Industries Ltd ( 2020) 421 ITR 686 (Bom) ( HC) and the Gujarat High Court in PR. CIT v. Gujarat Alkalies and Chemicals Ltd.(2017) 395 ITR 247 ( Guj)(HC) affirmed on this point. Decisions of the Calcutta High Court in CIT v. ITC LTD (2016) 7 ITR-OL 166 / 286 CTR 400 /134 DTR 293 ( Cal)( HC) and CIT v. Tata Metaliks Ltd ( 2016) 387 ITR 411 ( Cal)( HC) impliedly disapproved.