1978 (4) TMI 1 - SC - Income Tax

Income from business of generation and distribution of electricity - assessee sold some of its old machinery and buildings resulting in balancing charges contemplated by section 41(2) which the Income-tax Officer worked out at ₹ 7,55,807 - both the Tribunal and the High Court were right in taking the view that the item of ₹ 7,55,807 was required to be taken into account while computing the deduction of 8% contemplated by section 80E(1)