https://www.taxtmi.com/caselaws?id=276016 Sums set apart under Clause II of the Sixth Schedule to the Electricity (Supply) Act, 1948 constitute part of the assessee's clear profits when ascertained and are taxable as income; a statutory requirement to retain, appropriate or later distribute portions of those profits does not remove their character as the taxpayer's income absent a legally enforceable diversion of the income at source to another person. The distinction between rate fixing refunds and post profit statutory apportionment means appropriations under the Schedule do not qualify as deductions in computing taxable profits under the Income tax Act. en-us Tue, 24 Jul 1962 00:00:00 +0530 Thu, 25 Oct 2018 15:15:27 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=276016 Sums set apart under Clause II of the Sixth Schedule to the Electricity (Supply) Act, 1948 constitute part of the assessee's clear profits when ascertained and are taxable as income; a statutory requirement to retain, appropriate or later distribute portions of those profits does not remove their character as the taxpayer's income absent a legally enforceable diversion of the income at source to another person. The distinction between rate fixing refunds and post profit statutory apportionment means appropriations under the Schedule do not qualify as deductions in computing taxable profits under the Income tax Act. Case-Laws Income Tax Tue, 24 Jul 1962 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=276016