Supreme Court of India
C.I.T., Mumbai v. M/s. Walfort Share & Stock Brokers P. Ltd.
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.
2 Supreme Court benches have cited this judgment.
What the Court ordered
For the above reasons, we find no infirmity in the impugned judgment of the High Court and, accordingly, these Civil Appeals filed by the Department are dismissed with no E order as to costs. • N.J. Appeals dismissed.
Judgment, page 29
From the headnote
Income Tax Act, 1961: c ss. 10(33), 14A and 94(7) - Dividend stripping transaction - Cases prior to 1. 4. 2002 - Loss on sale of units - Exemption from income - Held: Losses pertaining to exempted income, cannot be disallowed - After, 01042002, losses over and above the amount of dividend received would 0 still be allowed - It will not be ignored u/s. 94(7) - Parliament has not treated the dividend stripping transaction as sham or bogus - It has not treated the entire loss as fictitious or only a fiscal loss. ss. 14A and 94(7) - Reconciliation of ss. 14A with ss. 94 (7) - Held: ss. 14A and 94
Where later benches applied it
- 2018 Maxopp Investment Ltd. v. Commissioner of Income Tax, New Delhi
- 2017 Godrej & Boyce Manufacturing Company Limited v. Dy. Commissioner of Income-tax & Anr.
Of those, 2 mentioned
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