https://www.taxtmi.com/caselaws?id=27426 A contingency reserve created by an electricity supply company under the Sixth Schedule to the Electricity (Supply) Act, 1948 was treated as a statutory appropriation and not as commercial profit or real income. Because the reserve was made under the statutory accounting obligations of the licensee, and an earlier binding decision between the same parties had already held that such reserve was not taxable income, the court followed that precedent. The reserve was therefore excluded from the company's total assessable income under the Income-tax Act, 1961. en-us Tue, 03 Jul 1984 00:00:00 +0530 Fri, 12 Feb 2010 17:34:30 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=27426 A contingency reserve created by an electricity supply company under the Sixth Schedule to the Electricity (Supply) Act, 1948 was treated as a statutory appropriation and not as commercial profit or real income. Because the reserve was made under the statutory accounting obligations of the licensee, and an earlier binding decision between the same parties had already held that such reserve was not taxable income, the court followed that precedent. The reserve was therefore excluded from the company's total assessable income under the Income-tax Act, 1961. Case-Laws Income Tax Tue, 03 Jul 1984 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=27426