Supreme Court · 2010 INSC 360 · Decided 6 July 2010
C.I.T., Mumbai v. M/S. Walfort Share & Stock Brokers P. LTD.
- Court
- Supreme Court of India
- Citation
- 2010 INSC 360 · [2010] 7 S.C.R. 748
- Case number
- CIVIL APPEAL No. 4927/2010
- Decided
- 6 July 2010
- Bench
- S.H. KAPADIA, SWATANTER KUMAR (2-judge bench)
- Outcome
- Dismissed
- Case type
- Civil
- Acts & sections cited
- Income Tax Act Section 10(33)
Headnote
7 S.C.R. 748 C.l.T., MUMBAI v. MIS. WALFORT SHARE & STOCK BROKERS P. L ro. (Civil Appeal No. 4927 of 2010) JULY 06, 2010 [S.H. KAPADIA, CJI AND SWATANTER KUMAR, J.) Income Tax Act, 1961: c ss. 10(33), 14A and 94(7) - Dividend stripping transaction - Cases prior to 1. 4. 2002 - Loss on sale be allowed - It will not be ignored u/s. 94(7) - Parliament has not treated the dividend stripping transaction as sham or bogus - It has not treated the entire loss as fictitious or only a fiscal loss. ss. 14A and 94(7) - Reconciliation of ss. 14A with ss. 94 E (7) - Held: ss. 14A and 94 (7)
Judgments are the courts' own published copies, provided for study; they are not certified copies. Source: Indian Supreme Court & High Court Judgments, Dattam Labs (CC-BY-4.0)