Income Tax Act, 1961 with Section 37

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 settles the treatment of variable telecom license fees as capital expenditure: CIT vs. Bharti Hexacom Ltd. (16 October 2023)

/ Income Tax Act, 1961, Income Tax Act, 1961 with Section 35ABB, Income Tax Act, 1961 with Section 37, Indian Telegraph Act, 1885, Indian Telegraph Act, 1885 with Section 4, Indian Telegraph Act, 1885 with Section 8

Supreme Court Clarifies Treatment of Telecom License Fees as Capital Expenditure: CIT vs. Bharti Hexacom Ltd. (2023) LEGAL ISSUE: Whether variable license fees paid by telecom operators are revenue or capital expenditure. CASE TYPE: Income Tax, Civil Appellate Jurisdiction. Case Name: C.I.T., Delhi vs. Bharti Hexacom Ltd. [Judgment Date]: 16 October 2023 Introduction Date of

Supreme Court settles the treatment of variable telecom license fees as capital expenditure: CIT vs. Bharti Hexacom Ltd. (16 October 2023) Read Post »

Supreme Court Disallows Business Loss Claim on Confiscated Silver: Commissioner of Income Tax vs. Prakash Chand Lunia (2023)

/ Customs Act, Customs Act with Section 104, Customs Act with Section 112, Customs Act with Section 135, Income Tax Act, 1961, Income Tax Act, 1961 with Section 115BBE, Income Tax Act, 1961 with Section 37, Income Tax Act, 1961 with Section 69A, Judges, M. R. Shah, M.M. Sundresh

Supreme Court Disallows Business Loss Claim on Confiscated Silver: Commissioner of Income Tax vs. Prakash Chand Lunia (2023) LEGAL ISSUE: Whether a business can claim a loss for confiscated goods when the goods were seized due to an infraction of the law. CASE TYPE: Income Tax Law Case Name: The Commissioner of Income Tax Jaipur

Supreme Court Disallows Business Loss Claim on Confiscated Silver: Commissioner of Income Tax vs. Prakash Chand Lunia (2023) Read Post »

Supreme Court clarifies revenue expenditure deduction for exchange fluctuation losses in finance business: Wipro Finance Ltd. vs. Commissioner of Income Tax (2022) INSC 387 (12 April 2022)

/ A.M. Khanwilkar, Abhay S. Oka, C.T. Ravikumar, Income Tax Act, 1961, Income Tax Act, 1961 with Section 254, Income Tax Act, 1961 with Section 37, Judges, Revenue Expenditure

Supreme Court Clarifies Revenue Expenditure Deduction for Exchange Fluctuation Losses in Wipro Finance Case LEGAL ISSUE: Whether losses due to exchange rate fluctuations on foreign currency loans used for business purposes can be considered revenue expenditure and thus be eligible for deduction under Section 37 of the Income Tax Act, 1961. CASE TYPE: Income Tax

Supreme Court clarifies revenue expenditure deduction for exchange fluctuation losses in finance business: Wipro Finance Ltd. vs. Commissioner of Income Tax (2022) INSC 387 (12 April 2022) Read Post »

Supreme Court Clarifies Tax Deductibility of Grants by National Cooperative Development Corporation: National Co-operative Development Corporation vs. Commissioner of Income Tax, Delhi-V (2020) INSC 649 (11 September 2020)

/ Income Tax Act, 1961, Income Tax Act, 1961 with Section 37, Income Tax Act, 1961 with Section 56, Indu Malhotra, Judges, National Co-operative Development Corporation Act, 1962, National Co-operative Development Corporation Act, 1962 with Section 13, Sanjay Kishan Kaul

Supreme Court Clarifies Tax Deductibility of Grants by National Cooperative Development Corporation Date of the Judgment: 11 September 2020 Citation: (2020) INSC 649 Judges: Sanjay Kishan Kaul, J., Indu Malhotra, J. Can a government entity deduct grants given for its business purposes from its taxable income? The Supreme Court of India addressed this question in

Supreme Court Clarifies Tax Deductibility of Grants by National Cooperative Development Corporation: National Co-operative Development Corporation vs. Commissioner of Income Tax, Delhi-V (2020) INSC 649 (11 September 2020) Read Post »

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