CASELAWS - Kerala State Electricity Board Vs. Deputy Commissioner of Income-tax TAX REPORTS
TAXMAN - VOLUME 196 [2011] 196 TAXMAN . . . (. . . )
[2011] 196 TAXMAN 1 (Ker .)
HIGH COURT OF KERALA
Kerala State Electricity Board *
v.
Deputy Commissioner of Income-tax
J. CHELAMESWAR, CJ. AND P.R. RAMACHANDRA MENON, J.
IT APPEAL NOS. 1703, 1710 AND 1716 OF 2009 AND 127 OF 2010
NOVEMBER 12, 2010
Section 115JB of the Income-tax Act, 1961 - Minimum alternate tax - Assessment years 2002-03 to 2005-06 - Whether section 115JB would be applicable to assessee, 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 - Held, no
This judgement should be brought to the notice of all the power sector companies. According to me , the resoning taken by Hon,ble High court seems to be convincing and there is less scope of its reversal by the Apex ccourt.Till , then time electricity company may enjoy their exemption period from taxation because as per normal provisions , most of the power companies are having huge losses.
Comments from the learned members are highly appreciated.