9911796707
TMI Blog1985 (12) TMI 5X X X X Extracts X X X X X X X X Extracts X X X X ..... e Income-tax Act, 1961, at the instance of the Revenue for decision of the following question of law : " (1) Whether, on the facts and in the circumstances of the case, the Appellate Tribunal is right in law in its conclusion that the Madhya Pradesh State Electricity Board, the assessee herein, is a company, being licensee within the meaning of the Electricity (Supply) Act, 1948, specified in th ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... March 3, 1975, showing the loss at Rs. 3,61,03,429. The return was again revised on March 10, 1975, claiming that the loss was Rs. 3,68,12,429. A revised computation was again filed on March 15, 1977, showing the loss at Rs. 35,21,02,268. During the assessment proceedings, the assessee claimed development rebate at Rs. 4,28,58,585. The Income-tax Officer rejected this plea of the assessee and disa ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... oes not arise for decision. We have, therefore, to answer this reference following the earlier decision. Consequently, the reference is answered in the assessee's favour and against the Revenue as under: " The Tribunal was justified in holding that the assessee was covered by the first proviso to section 34(3)(a) of the Act and, therefore, exempt from providing and maintaining development reba ..... X X X X Extracts X X X X X X X X Extracts X X X X
|
