PUNJAB STATE ELECTRICITY BOARD vs POWERGRID CORPORATION OF INDIA .

The Supreme Court dismissed the appeals filed by the Punjab State Electricity Board against Powergrid Corporation of India, holding that the respondents merely corrected an obvious error regarding depreciation on equities. The Court affirmed that there is no depreciation on equity and noted that the mistake had been rectified in subsequent years. Consequently, the appeals were found to lack merit and were dismissed without costs.