Section 34(34) in The Maharashtra Electricity Regulatory Commission (Terms and Conditions of Tariff) Regulations, 2005
34.2Income-tax.34.2.1Income-tax on the income of the Generating Business of the Generating Company shall be allowed for inclusion in the annual fixed charges:Provided that any change in such income-tax liability on account of assessment under the Income-tax Act, 1961, as certified by the statutory auditors, shall be allowed to be adjusted each year in the annual fixed charges:Provided further that any change in such income-tax liability on account of change in income of the Generating Business of the Generating Company from the approved forecast shall be attributed to the same controllable or uncontrollable factors as have resulted in the change in income and shall be dealt with accordingly:Provided further that the generating station-wise profit before tax as estimated for a financial year in advance shall constitute the basis for the distribution of the corporate tax liability to all generating stations of a Generating Company:34.2.2The benefits of any income-tax holiday, credit for unabsorbed losses or unabsorbed depreciation shall be taken into account in calculation of the income-tax liability of the generating station of the Generating Company:Provided that where such benefits cannot be directly attributed to a generating station, they shall be allocated across the generating stations of a Generating Company in the proportion of the generating station-wise profit before tax.
