Supreme Court of India
M/s J.B. Boda and Co. Pvt. Ltd. v. Central Board of Direct Taxes, New Delhi
INSC stands for INDIAN SUPREME COURT. A neutral citation scheme assigned by the Court itself, so a judgment can be cited without depending on a commercial law reporter. INSC is the neutral citation scheme assigned by the Supreme Court, so a judgment can be cited without depending on a commercial law reporter.
What the Court ordered
We hold that the proceedings of the Central Board of Direct Taxes dated I 1-3-1986, declining to approve the agreements of the appellant with Mis.
Judgment, page 14
From the headnote
Income Tax Act, 1961: Section 80-0. Income Tax-Deduction in respect of royalties etc. from foreign enterprises-Ays 1982-83 to 1984-85-Indian reinsurance-Broker Company arranged for reinsurance by foreign companies of a portion of risk covered by Indian insurance companrThe said company received as brokerage a percentage of premium received by foreign companies-After receiving premium in rupees, the said Indian broker, under agreement with foreign company remitted amount of net premium to foreign company after deducting its brokerage-However, Central Board a/Direct Taxes (CBDT) refused to
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