Supreme Court · 2006 INSC 274 · Decided 1 May 2006
Mercantile Bank LTD., Bombay v. The Commissioner of Income-Tax, Bombay City-Iii
- Court
- Supreme Court of India
- Citation
- 2006 INSC 274 · [2006] SUPP. 1 S.C.R. 628
- Case number
- CIVIL APPEAL No. 310/2001
- Decided
- 1 May 2006
- Bench
- RUMA PAL, DALVEER BHANDARI (2-judge bench)
- Outcome
- Case Partly allowed
- Case type
- Civil
- Acts & sections cited
- Income Tax Act Section 36, 40
Headnote
Income Tax Act, 1961: Section 36(/)(vii) read with Section 36(2)-AY 1978-79-/nterest on C doubtful advances-Liability to tax-Held: Interest on doubtfal loans entered in suspense account could not be brought to tax-Central Board of Direct Taxes Circular, 1952. Section 40-A(5)-AY 1978-79-Expenses or of deduction---Held: Section 40-A(5){cJ(ii) of the Act speaks of ··an amount"'.-This would indicate that the employer is only entitled to deduction of one amount-Therefore, only one limit is prescribed for deduction on account of salary whether paid to an employee in
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