Rate at which electricity company sells to customers should be taken as CUP

Jayant Agro Organics Limited Vs Addl. CIT (ITAT Mumbai) The core issue which requires to be decided is, what should be the price for transfer of electricity from the eligible unit to non-eligible units of the assessee. While the assessee has adopted the rate at which the distribution company of the government sells to customers, the departmental authorities relying upon a decision of the Hon’ble Calcutta High Court cited (supra), have applied the rate at which the distribution company purchases electricity from other electricity producers. In our view, the issue is no more res integra becaus...