Supreme Court · 2010 INSC 4 · Decided 5 January 2010
National Hydroelectric Power CORPN. LTD. v. Commissioner of Income Tax
- Court
- Supreme Court of India
- Citation
- 2010 INSC 4 · [2010] 1 S.C.R. 16
- Case number
- CIVIL APPEAL No. 6/2010
- Decided
- 5 January 2010
- Bench
- S.H. KAPADIA, AFTAB ALAM (2-judge bench)
- Outcome
- Appeal(s) allowed
- Case type
- Civil
- Acts & sections cited
- Companies Act; Income Tax Act Section 115JB
Headnote
Income Tax Act, 1961: s.115JB, Explanation-I Clause (b) - Applicability of - Advance against depreciation -(AAD) - C Held: AAD is a timing difference - It is not carried to profit and loss account - It is income received in advance subject to adjustment in future and not a reserve and hence clause (I) to s. 115JB is not applicable. D Assessee is supplier of electricity at notified tariff rate. The sale price included Advance against Depreciation (AAD) which is shown by assessee as sales in its profit and loss account. While computing the book profit, assessee deducted the AAD component
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