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1 - 10 of 35 (0.38 seconds)Section 14A in The Income Tax Act, 1961 [Entire Act]
Section 10 in The Income Tax Act, 1961 [Entire Act]
The Income Tax Act, 1961
Section 28 in The Income Tax Act, 1961 [Entire Act]
The Insurance Act, 1938
Section 43B in The Income Tax Act, 1961 [Entire Act]
General Insurance Corporation Of India vs Commissioner Of Income-Tax, Bombay on 21 September, 1999
In General Insurance Corporation of India v. Commissioner of Income-
Tax, the Supreme Court considered in an appeal arising out of a judgment
of the High Court the issue as to whether a sum of `3 crores, being a
provision for redemption of preference shares, was not liable to be added
back in the total income of the assessee for AY 1977-78?. The Supreme
Court held that a plain reading of rule 5(a) of the First Schedule made it
clear that in order to attract the applicability of the provision the amount
should firstly be an expenditure or allowance and secondly it should be one
not admissible under the provisions of section 30 to 43A. The Supreme
Court held that the sum of `3 crores in that case which was set apart as a
provision for redemption of preference shares could not have been treated
as an expenditure and hence could not have been added back under rule
5(a). In that context the Supreme Court held as follows:
Section 199 in The Income Tax Act, 1961 [Entire Act]
General Manager, E.I.D. Parry (India) ... vs Presiding Officer, 2Nd Addl. Labour ... on 2 May, 1991
In the case of General Insurance Corporation of India vs. Addl. CIT in ITA
No.3554/Mum/2011 dated 15/02/2012 the WP No. 25/11 dated 1-12-2011 this issue is
also in favour of the assessee. Respectfully following the Hon‟ble Bombay High
Court, we allow the issue in favour of assessee and dismissed the ground of revenue‟s
appeal.