Supreme Court of India
V.M. Salgaocar and Bros. Pvt. Ltd. Etc. Etc. v. Commissioner of Income Tax Etc.
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.
4 Supreme Court benches have cited this judgment.
What the Court ordered
We are of the view that distinction was not correctly drawn.
Judgment, page 19
From the headnote
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 on the directors-Held, No, in the absence of any proof that the amounts were diverled 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
Authorities it was built on
Where later benches applied it
- 2010 Fuljit Kaur v. State of Punjab & Ors.
- 2025 Bharat Petroleum Corporation Ltd. v. Commissioner of Central Excise Nashik Commissionerate
- 2022 The State of Haryana through Secretary to Government of Haryana v. Jai Singh & Ors.
- 2018 Commissioner of Central Excise v. Madhan Agro Industries (i) Pvt. Ltd.
Of those, 1 relied on · 3 referred to
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