Income Tax Act, 1961 with Section 28

Supreme Court clarifies tax treatment of broken period interest for banks: Bank of Rajasthan Ltd. vs. Commissioner of Income Tax (2024) INSC 781 (16 October 2024)

/ Banking Regulation Act, Income Tax Act, 1961, Income Tax Act, 1961 with Section 28, Income Tax Act, 1961 with Section 37, Profits and gains of business or profession, Statutory Liquidity Ratio

Supreme Court Clarifies Deduction of Broken Period Interest for Banks Date of the Judgment: 16 October 2024 Citation: 2024 INSC 781 Judges: Abhay S. Oka, J., Pankaj Mithal, J. Can banks deduct the interest paid for the broken period on securities purchased as a business expense? The Supreme Court of India recently addressed this question, […]

Supreme Court clarifies tax treatment of broken period interest for banks: Bank of Rajasthan Ltd. vs. Commissioner of Income Tax (2024) INSC 781 (16 October 2024) Read Post »

Supreme Court Denies Tax Deduction on DEPB and Duty Drawback: Saraf Exports vs. Commissioner of Income Tax (2023)

/ B.V. Nagarathna, Customs Act, 1962, Customs Act, 1962 with Section 75, Income Tax Act, 1961, Income Tax Act, 1961 with Section 28, Income Tax Act, 1961 with Section 80-IB, Judges, M.R. Shah

Supreme Court Denies Tax Deduction on DEPB and Duty Drawback: Saraf Exports vs. Commissioner of Income Tax (2023) LEGAL ISSUE: Whether income from Duty Entitlement Pass Book (DEPB) and Duty Drawback schemes qualifies for tax deductions under Section 80-IB of the Income Tax Act, 1961. CASE TYPE: Income Tax Law Case Name: M/s. Saraf Exports

Supreme Court Denies Tax Deduction on DEPB and Duty Drawback: Saraf Exports vs. Commissioner of Income Tax (2023) Read Post »

Section 80HHC Deduction for Supporting Manufacturers Referred to Larger Bench: Supreme Court in Commissioner of Income Tax vs. M/s Carpet India (27 April 2018)

/ Abhay Manohar Sapre, Income Tax Act, 1961, Income Tax Act, 1961 with Section 28, Income Tax Act, 1961 with Section 80HHC, Judges, R.K. Agrawal

Supreme Court refers Section 80HHC deduction for supporting manufacturers to larger bench: Commissioner of Income Tax vs. M/s Carpet India (2018) LEGAL ISSUE: Whether supporting manufacturers are entitled to the same tax deductions as direct exporters under Section 80HHC of the Income Tax Act, 1961, particularly concerning export incentives like duty drawbacks. CASE TYPE: Income

Section 80HHC Deduction for Supporting Manufacturers Referred to Larger Bench: Supreme Court in Commissioner of Income Tax vs. M/s Carpet India (27 April 2018) Read Post »

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