ANDHRA PRADESH STATE ELECTRICITY BOARD vs UNION OF INDIA & ANR.

The Supreme Court upheld the applicability of the Emergency Risks (Factories) Insurance Act, 1962, confirming that 'Distribution and Transmission lines' qualify as 'insurable property' under the Act. The Court ruled that the determination of insurable property must align with the provisions of the scheme, which includes these lines as specified assets. Additionally, the Court clarified that depreciation should be calculated based on the Electricity (Supply) Act rather than the Income Tax Act, and dismissed the appellant's claims regarding the temporary nature of the legislation and the validity of the notice issued post-expiration.