Supreme Court · 2022 INSC 4 · Decided 3 January 2022
Kerala State Beverages Manufacturing & Marketing Corporation LTD. v. The Assistant Commissioner of Income Tax Circle 1(1)
- Court
- Supreme Court of India
- Citation
- 2022 INSC 4 · [2022] 1 S.C.R. 105
- Case number
- CIVIL APPEAL No. 11/2022
- Decided
- 3 January 2022
- Bench
- R. SUBHASH REDDY, HRISHIKESH ROY (2-judge bench)
- Outcome
- Disposed off
- Case type
- Civil
- Acts & sections cited
- Constitution Article 289; Income Tax Act Section 40(a)(iib), 40(a)(i), 40(a)(ia), 40(a)(ic), 40
Headnote
Income Tax Act, 1961: s.40(a)(iib) - Purpose of amendment of Income Tax Act by Act 17 of 2013, by which s.40(a)(iib)(A), (B) is inserted - Held: The said amendment is made to plug the possible diversion or shifting owned undertakings into State's treasury - In view of s.40(a)(iib) of the Act any amount, which is levied exclusively on the State owned undertaking (KSBC in the instant case), cannot be claimed as a deduction in the books of State owned undertaking, thus same is liable to income
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