Dismissing the appeals of the Revenue the Court held that provision of section 115JB would not apply to Electricity Boards or similar bodies, which are totally owned by the Government, either State or Central, while making the assessment of the tax payable by them under the Act, the Department appealed to the Supreme Court (AY.2002-03 to 2005-06, 2008-09)
Dy. CIT v. Kerala State Electricity Board (2022) 447 ITR 193/ 288 Taxman 728 / 217 DTR 161/ 328 CTR 265(SC) Editorial : Kerala State Electricity Board v. Dy. CIT (2010) 329 ITR 91 / 2011) 196 Taxman 1 (Ker)(HC)
S. 115JB : Book profit-Provisions not applicable to Electricity Boards or similar entities totally owned by State or Central Government.