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The Commissioner Of Income Tax Iii, ... vs M/S Shriram Chits Pvt Ltd, Hyderabad on 9 June, 2023
cites
Section 36 in The Income Tax Act, 1961 [Entire Act]
Section 28 in The Income Tax Act, 1961 [Entire Act]
Section 37 in The Chit Funds Act, 1982 [Entire Act]
Section 260A in The Income Tax Act, 1961 [Entire Act]
The Chit Funds Act, 1982
Commissioner Of Income-Tax, Tamil ... vs Wavin India Ltd. on 17 June, 1981
This decision of the
Madras High Court was upheld by the Supreme Court in
Waven (India) Limited (supra) wherein Supreme Court
agreed with the reasoning given by the Madras High
Court while upholding the expenditure to be of revenue
nature. The expenditures were incurred to obtain benefit
of development and research made by the foreign
company; such an expenditure could not be said to be for
acquisition of any asset at all.
Commissioner Of Income-Tax, Bombay vs Ciba Of India Ltd on 15 December, 1967
This was so held in a classic case,
entitled CIT v. Ciba of India Ltd. (AIR 1968 SC 1131 :
Section 119 in The Income Tax Act, 1961 [Entire Act]
Union Of India And Anr vs Azadi Bachao Andolan And Anr on 7 October, 2003
All the arguments of the learned Standing Counsel
on the issue of CBDT circular are answered by the
Hon'ble Supreme Court in this case (263 ITR 706)
and thus we need not specifically deal with them."
6.6 (vii) Thus the Revenue has to apply the
interpretation laid down by the Central Board of
Direct Taxes on this issue in the circular issued in
this regard. Thus we hold that the Revenue is
bound to take a view that the amount recoverable
from a defaulting prized subscriber by the foreman
is a debt.