Dismissing the appeal of the Revenue the Court held that provision is not be applicable to a statutory corporation constituted by notification of State of Kerala, pursuant to powers vested in it by virtue of section 5 of Electricity Supply Act, 1948. Followed Kerala State Electricity Board v. Dy.CIT (2010) 329 ITR 91 / (2011) 196 taxman 1 (Ker)(HC) (AY. 2006-07 to 2009-10)
PCIT v. Kerala State Electricity Board (2022) 137 taxmann.com 85 (Ker.)(HC) Editorial : Notice issued in SLP filed by Revenue, PCIT v. Kerala State Electricity Board. (2022) 286 Taxman 438 (SC)
S. 115JB : Book profit-Statutory corporation-Provision is not be applicable to a statutory corporation constituted by notification of State of Kerala. [Electricity Supply Act, 1948, S. 5]