https://www.taxtmi.com/caselaws?id=9283 Statutory reserves and consumer refunds under electricity law were treated as deductible or non-income items where amounts were diverted by overriding obligation before becoming the assessee's own profit, including consumers' benefit reserve, tariffs and dividends control reserve, contingency reserve, and refundable consumer sums. Gratuity paid for pre-amalgamation service was also allowable as business expenditure because the amalgamation scheme transferred liabilities and recognised prior service for gratuity purposes. Electrical meters installed in consumers' premises were classified under the specific depreciation entry for electric supply undertakings, entitling multiple shift allowance. The assessee failed on the super-tax proviso issue and on deduction of wealth-tax, which was barred by retrospective amendment. en-us Tue, 17 Jul 1973 00:00:00 +0530 Sun, 21 Jun 2009 17:24:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=9283 Statutory reserves and consumer refunds under electricity law were treated as deductible or non-income items where amounts were diverted by overriding obligation before becoming the assessee's own profit, including consumers' benefit reserve, tariffs and dividends control reserve, contingency reserve, and refundable consumer sums. Gratuity paid for pre-amalgamation service was also allowable as business expenditure because the amalgamation scheme transferred liabilities and recognised prior service for gratuity purposes. Electrical meters installed in consumers' premises were classified under the specific depreciation entry for electric supply undertakings, entitling multiple shift allowance. The assessee failed on the super-tax proviso issue and on deduction of wealth-tax, which was barred by retrospective amendment. Case-Laws Income Tax Tue, 17 Jul 1973 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=9283