Supreme Court · 2008 INSC 214 · Decided 19 February 2008
M/S. Munjal Sales Corporation v. Commissioner of Income Tax, Ludhiana and ANR.
- Court
- Supreme Court of India
- Citation
- 2008 INSC 214 · [2008] 2 S.C.R. 1169
- Case number
- CIVIL APPEAL No. 1378/2008
- Decided
- 19 February 2008
- Bench
- S.H. KAPADIA, B. SUDERSHAN REDDY (2-judge bench)
- Outcome
- Appeal(s) allowed
- Case type
- Civil
- Acts & sections cited
- Income Tax Act Section 36(i)(iii), 40(b)(iv), 40(b)
Headnote
y ., Income Tax Act, 1961: ss.36(i)(iii) and 40(b)(iv) - Deduction of interest under s. 36(i)(iii) and applicability of s.40(b)(iv) - Held: s.40(b) is not a stand alone section - It c operates as a limitation to deduction under ss. 30 to 38 - , Assessee including a firm in the first instance, its right to claim deduction under one section between .; ss. 30 to 38 and in case of firm if it claims special deduction it has also to prove that it is not disentitled to claim deduction D by reason of applicability of s.40(b)(iv) - Object of s.40 is to ' , put
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