M/S. Itc Limited vs Principal Commissioner Of Income
2021 Latest Caselaw 1504 Cal/2

OD-12
                           ITAT/277/2017
               IA No.GA/1/2017 (Old No.GA/2613/2017)

                      IN THE HIGH COURT AT CALCUTTA
                    Special Jurisdiction (Income Tax)
                              ORIGINAL SIDE


                                     M/S. ITC LIMITED

                                               -Versus-

                                     PRINCIPAL COMMISSIONER OF INCOME
                                     TAX-3, KOLKATA

                                                                  Appearance:
                                                  Mr. J. P. Khaitan, Sr. Adv.
                                             Ms. Nilanjana Banerjee Pal, Adv.
                                                        ...for the appellant.

                                                     Mr. P. K. Bhowmick, Adv.
                                                Mr. Soumen Bhattacharya, Adv.
                                                       ...for the respondent.

BEFORE:

The Hon'ble JUSTICE T.S. SIVAGNANAM

-And-

The Hon'ble JUSTICE HIRANMAY BHATTACHARYYA

Date : 29th November, 2021.

The Court : We have heard Mr. J. P. Khaitan, learned

senior counsel for the appellant and Mr. P. K. Bhowmick, learned

counsel for the respondent/revenue.

The appeal is admitted and will be heard on the following

substantial questions of law:

"(a) Whether "market value" for the purpose of sub-section (8) of section 80IA of the Income Tax Act, 1961 in respect of electricity generated by the

appellant's eligible power undertakings and transferred to its other business was to be determined with reference to retail tariff rate of the State Electricity Boards?

(b) Whether such market value in the appellant's case can be determined with reference to rate at which electricity could have been sold to a distribution licensee by a generating company?

(c) Whether and in any event the Tribunal should have directed the Assessing Officer to decide the market value of power for the purpose of section 80IA as per the judgment of this Hon'ble Court for the assessment year 2002-03 subject to the outcome of the appeal pending before the Hon'ble Supreme Court for that year after its disposal?"

Mr. P. K. Bhowmick, learned counsel for appearing for the

respondent accepts notice for the respondents.

The appellant shall file requisite number of informal

paper books prepared out of Court within six weeks from date by

serving copies thereof on the respondents.

Since the respondent is represented by their learned

counsel, service of notice of appeal on them is waived.

Settlement of index and all other formalities are

dispensed with.

List the appeal (ITAT/277/2017) after eight weeks.

The question of granting stay of the order passed by the

tribunal does not arise at this stage. Therefore, the application

for stay (IA No.GA/1/2017) stands closed. However, the stay

petition be retained in the case file.

(T.S. SIVAGNANAM, J.)

(HIRANMAY BHATTACHARYYA, J.)

A/s./skc.