Revenue appeals against Tata Power’s Joint Venture with Delhi Govt for supply of electricity rejected

PCIT-9 Vs Tata Power Delhi Distribution Ltd. (Delhi High Court) Conclusion: Section 115JB of the Income Tax Act, 1961, as it stood prior to its amendment by virtue of Finance Act, 2012, would be inapplicable to an electricity generation company. The provision applied to electricity companies only after the amendment and the impugned reassessment proceedings, for the AYs preceding the amendment, could not be sustained. Held: Assessee-M/s Tata Power Delhi Distribution Limited was a joint venture between Tata Power Company Limited and the Government of NCT of Delhi. Assessee was engaged in the p...