https://www.taxtmi.com/caselaws?id=36845 The Punjab State Electricity Board was considered a licensee for the purpose of the development rebate proviso because the Electricity (Supply) Act, 1948 deemed it to have the powers and obligations of a licensee and treated the Act as its licence. Although the general definition of "licensee" excluded the Board, the statutory context and section 26 required the deeming provision to prevail for the relevant tax allowance. On that basis, the Board was entitled to development rebate without creating the reserve required by proviso (b) to Explanation 2 of section 10(2)(vib). en-us Wed, 19 Dec 1979 00:00:00 +0530 Thu, 25 Mar 2010 10:16:06 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=36845 The Punjab State Electricity Board was considered a licensee for the purpose of the development rebate proviso because the Electricity (Supply) Act, 1948 deemed it to have the powers and obligations of a licensee and treated the Act as its licence. Although the general definition of "licensee" excluded the Board, the statutory context and section 26 required the deeming provision to prevail for the relevant tax allowance. On that basis, the Board was entitled to development rebate without creating the reserve required by proviso (b) to Explanation 2 of section 10(2)(vib). Case-Laws Income Tax Wed, 19 Dec 1979 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=36845