Supreme Court · 2000 INSC 208 · Decided 10 April 2000
V.M. Salgaocar and BROS. PVT. LTD. ETC. ETC. v. Commissioner of Income Tax ETC.
- Court
- Supreme Court of India
- Citation
- 2000 INSC 208 · [2000] 2 S.C.R. 1169
- Case number
- CIVIL APPEAL No. 657/1994
- Decided
- 10 April 2000
- Bench
- D.P. WADHWA, S.S.M. QUADRI (2-judge bench)
- Outcome
- Disposed off
- Case type
- Civil
- Acts & sections cited
- Constitution Article 136; Income Tax Act Section 17(2), 40A(5)
Headnote
B Income Tax Act 1961-Sections 17(2), 40A(5)-Amounts drawn from company by directors and employees-Interest ·not charged by company­ Company borrowing monies on payments of interest-Whether Revenue can object to the allowance of expenditure to the extent of interest not charged C on the for the benefit of the directors. Income Tax Appellate Tribunal-Whether High Courl can go beyond the finding of Held, No. Interpretation of Statutes-Taxation Laws (Amendment) Act, I984- Amendment to Section 17(2) and 40A( 5)-Introduced with effect from I .4. I 985- Later on omitted with
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