Poona Electric Supply Co. Ltd. vs Commissioner Of Income Tax

Authority: Supreme Court Date: 1965-04-19 AY: 1953-54, 1954-55 Section: 28(i) Acts: Indian Income Tax Act 1922, Electricity (Supply) Act 1948, Indian Electricity Act 1910 Result: Assessee Citation: (1965) 57 ITR 521 (SC) Justices: K. Subba Rao, J.C. Shah & S.M. Sikri, JJ. Appeal No: Civil Appeals Nos. 633 and 634 of 1964
Whether amounts credited to Consumers' Benefit Reserve Account under the Electricity (Supply) Act 1948, representing excess over 'reasonable return' to be distributed as rebate to consumers, are deductible in computing business income under section 10(1) of the Indian Income Tax Act 1922 --- Held Yes.

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