Supreme Court · 1997 INSC 541 · Decided 8 July 1997
The Vellore Electric Corporation LTD. ETC. v. The Commissioner of Income Tax, Madras
- Court
- Supreme Court of India
- Citation
- 1997 INSC 541 · [1997] SUPP. 1 S.C.R. 586
- Case number
- CIVIL APPEAL No. 3333/1981
- Decided
- 8 July 1997
- Bench
- S.C. AGRAWAL, D.P. WADHWA (2-judge bench)
- Outcome
- Dismissed
- Case type
- Civil
- Acts & sections cited
- Income Tax Act
Headnote
Income Tax Act 1961/Electiicity Supply Act 1948--Section 80 !/Section 57 read with paragraphs V(2), VA and (1), (2) and (3) of paragraph 11 of Sixth Schedule to the Act-lncome--Deductions-Assessee, a licensee for dis­ C tribution of powe1'--Contributions made by assessee towards Contingency e1Ted by the assessee to these reserves, held, not deductible. Profits and Gains-Pliority lndustry-Assessee, a licensee for dist1ibu- D tion of powe1~Statuto1y condition under licence to create a contingency Reserve and invest the amounts appropriated thereto in secwities autholised under the
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