Supreme Court · 2020 INSC 544 · Decided 11 September 2020
National Co-Operative Development Corporation v. Commissioner of Income Tax, Delhi-V
- Court
- Supreme Court of India
- Citation
- 2020 INSC 544 · [2020] 13 S.C.R. 517
- Case number
- CIVIL APPEAL No. 5105/2009
- Decided
- 11 September 2020
- Bench
- SANJAY KISHAN KAUL, INDU MALHOTRA (2-judge bench)
- Outcome
- Disposed off
- Case type
- Civil
- Acts & sections cited
- Income Tax Act Section 37(1), 14, 28, 56, 57
Headnote
Income Tax Act, 1961 - s.37(1)- Taxable income of appellant- Corporation- Interest earned on funds received u/s.13(1), 1962 Act and disbursed by way of grants to national/state level co- operative societies - If eligible for deduction - Officer (AO) - CIT(Appeals) held the Corporation entitled to deduction - Order set aside by ITAT - High Court decided in favour of revenue - On appeal, held: If an assessee carries on business, all that is required to be seen is whether any outlay constitutes an
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