Supreme Court · 1965 INSC 112 · Decided 19 April 1965
Poona Electric Supply CO. LTD. v. Commissioner of Income-Tax, Bombay
- Court
- Supreme Court of India
- Citation
- 1965 INSC 112 · [1965] 3 S.C.R. 818
- Case number
- CIVIL APPEAL No. 633/1964
- Decided
- 19 April 1965
- Bench
- K. SUBBA RAO, J.C. SHAH, S.M. SIKRI (3-judge bench)
- Outcome
- Appeal(s) allowed
- Case type
- Civil
- Acts & sections cited
- Income Tax Act Section 10(1), 10(2)(xv); Electricity Act Section 3(1)
Headnote
SUPPLY CO. LTD. v. COMMISSIONER OF INCOME-TAX, BOMBAY April 19, 1965 [K. SUBBA RAO, J. C. SHAH AND S. M. Sum, JJ.) Income-tax Act (11 of 1922) s. 10(1)-Projit arrived at after deduct­ ing amount. according to Electricity (Supply) Act, 1943-Taxoblc in­ ceme--If deductions can be allowed. and keeping them under control, the licensee was directed by the Act to adjust the rates in such a way that the clear profit in any year did 1;1ot exceed the amount ot reasonable return as defined in the Act; but that if an excess was collected, the licensee should distribute half of that
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