Supreme Court · 2023 INSC 416 · Decided 24 April 2023
The Commissioner of Income Tax Jaipur v. Prakash Chand Lunia (D) THR. LRS. & ANR.
- Court
- Supreme Court of India
- Citation
- 2023 INSC 416 · [2023] 7 S.C.R. 85
- Case number
- CIVIL APPEAL No. 7689/2022
- Decided
- 24 April 2023
- Bench
- M.R. SHAH, M.M. SUNDRESH (2-judge bench)
- Outcome
- Appeal(s) allowed
- Case type
- Civil
- Acts & sections cited
- Income Tax Act Section 10(1)
Headnote
Income Tax Act, 1961 - Explanation to s.37(1) - 'any expenditure' in s.37 - Expenditure/loss incurred for any purpose which is an offence or prohibited by law, not deductible in terms of Explanation 1 to s.37 - High Court relying upon the Piara Singh case allowed the loss of confiscation of silver bars as a business loss - Sustainability of - Held: Not sustainable - Explanation to s.37(1) provides that any expenditure incurred by the assessee for any purpose which is an offence or prohibited by law is not an
Judgments are the courts' own published copies, provided for study; they are not certified copies. Source: Indian Supreme Court & High Court Judgments, Dattam Labs (CC-BY-4.0)