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2000 (4) TMI 5 - SC - Income TaxAssessee was of generating and of supply of electricity - In a case where compensation amount and its receipt is admitted, which is business profit under section 41(2), it is to be taxed in the previous year of its receipt - on a proper interpretation of the provisions of the Indian Electricity Act, 1910, the Tribunal erred in holding that addition of the sum of Rs. 1,29,35,557 under section 41(2) of the Income-tax Act, 1961, in the assessment year 1965-66 was not justified
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