Supreme Court · 1990 INSC 27 · Decided 5 February 1990
Devi Cine Projector Manufacturing CO., ETC. ETC. v. Commissioner of Income Tax
- Court
- Supreme Court of India
- Citation
- 1990 INSC 27 · [1990] 1 S.C.R. 268
- Case number
- CIVIL APPEAL No. 1185/1990
- Decided
- 5 February 1990
- Bench
- M.N. VENKATACHALIAH, N.D. OJHA, J.S. VERMA (3-judge bench)
- Outcome
- Appeal(s) allowed
- Case type
- Civil
- Acts & sections cited
- Constitution; Income Tax Act Section 40(b), 256(2)
Headnote
Income Tax Act, 1961: Section 40(b)-Disallowance of interest- Firm paying interest to partner-Partner also paying interest to firm on c borrowing from firm-Whether such interest to be confined only to net amount after setting off interest paid by partner. Constitution of Lndia, 1950: Article against High Court's rejection of assessee's applications under Sec- lion 256(2) of the Income Tax Act, 1961-/n view of settled position on D point of law involved and to avoid time consuming procedure, Special Leave Petitions treated as arising out of appellate orders of Tribunal and matter
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