Income Tax Act, 1961 with Section 37(1)

Supreme Court disallows business loss claim on confiscated silver: CIT vs. Prakash Chand Lunia (24 April 2023)

/ Customs Act, 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(1), Income Tax Act, 1961 with Section 69A, Judges, M.M. Sundresh, M.R. Shah

Supreme Court disallows business loss claim on confiscated silver: CIT vs. Prakash Chand Lunia (2023) LEGAL ISSUE: Whether a business can claim a loss for confiscated goods when the confiscation resulted from an illegal activity, even if the business is otherwise legitimate. CASE TYPE: Income Tax Law. Case Name: The Commissioner of Income Tax Jaipur […]

Supreme Court disallows business loss claim on confiscated silver: CIT vs. Prakash Chand Lunia (24 April 2023) Read Post »

Supreme Court Disallows Tax Benefits on Freebies Given to Doctors: Apex Laboratories vs. Deputy Commissioner of Income Tax (22 Feb 2022)

/ Business Expenditure, Contract Act, 1872, Contract Act, 1872 with Section 23, Income Tax Act, 1961, Income Tax Act, 1961 with Section 37(1), Judges, Public Policy, S. Ravindra Bhat, Uday Umesh Lalit

Supreme Court Disallows Tax Benefits on Freebies Given to Doctors: Apex Laboratories vs. Deputy Commissioner of Income Tax (22 Feb 2022) LEGAL ISSUE: Whether pharmaceutical companies can claim tax deductions on expenses incurred for providing freebies to medical practitioners. CASE TYPE: Income Tax Law Case Name: M/s Apex Laboratories Pvt. Ltd. vs. Deputy Commissioner of

Supreme Court Disallows Tax Benefits on Freebies Given to Doctors: Apex Laboratories vs. Deputy Commissioner of Income Tax (22 Feb 2022) Read Post »

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