In Brief
The Punjab State Electricity Board challenged the Powergrid Corporation's correction of an erroneous application of depreciation on equities in regulatory calculations. The Supreme Court upheld the correction, holding that depreciation cannot be applied to equity as a matter of fundamental accounting principle. The respondents' action was merely to correct an obvious error in applying regulatory norms. The appeals were dismissed as the Court found no legal merit in the appellant's challenge to this rectification.
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