THE ACIT, CIRCLE - 1,, RAJAHMUNDRY vs. THE ANDHRA PRADESH PAPER MILLS LTD.,, HYDERABAD

In the result, appeals filed by the Revenue are partly allowed and the cross objections filed by the assessee are partly allowed

Bench: Shri V. Durga Rao, Hon’Ble & Shri D.S. Sunder Singh, Hon’Ble

transfer price has to be worked out on the basis of average price paid by the appellant during the year to the state Electricity Board minus extraneous charges such as electricity duty etcetera. The aforementioned deduction has to be computed after deduction of notional brought forward losses and depreciation of eligible business even though they have been allowed