Section 92BA of the Income Tax Act

When a statutory provision is merely omitted or deleted from an Act, it is not considered repealed under Section 6 of the General Clauses Act, 1897. Therefore, the savings clause of Section 6 does not apply to omitted provisions, preventing the continuation of actions or proceedings based on them after their deletion.

When computing deduction under Section 80IA, specifically for inter-unit transfer of power, the benefit cannot be claimed based on rates chargeable by distribution licensees to consumers. The deduction must be computed based on the rate fixed by the Tariff Regulation Commission for sale by electricity generating companies.

For Section 80IA deductions, the market value of electricity supplied by a captive power plant (eligible unit) to its industrial unit (non-eligible unit) must be computed by comparing prices in the open market and those charged by State Electricity Boards to industrial consumers.

A reference to the Transfer Pricing Officer (TPO) is invalid and bad in law, which renders consequential Transfer Pricing adjustments by the Assessing Officer liable for deletion.

Deduction under Section 80IA is allowable for captive power generation. The price for calculating this deduction is the rate at which the electricity board supplies power to its consumers, rather than the rate at which power generating companies supply to the electricity board.

The Gujarat High Court in Voltamp Transformers Pvt. Ltd. held that the perspective of the assessee, a businessman, should be considered when determining commercial expediency, not solely the department's viewpoint. A businessman must act prudently to advance their business interests.