Supreme Court of India
Kerala State Beverages Manufacturing & Marketing Corporation Ltd. v. The Assistant Commissioner of Income Tax Circle 1(1)
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What the Court ordered
We hold that the gallonage fee, licence fee and shop rental (kist) with respect to FL-9 and FL-1 licences granted to the appellant will, squarely fall within the purview of Section 40(a)(iib) of the Income-tax Act, 1961.
Judgment, page 24
From the headnote
Income Tax Act, 1961: s.40(a)(iib) – Purpose of amend ment of Income Tax Act by Act 17 of 2013, by which s.40(a)( iib)( ), ( ) is inserted – Held: The said amendment is made to plug the pos sible diversion or shifting of profits from state owned unde rtakings into State’s treasury – In view of s.40(a)(iib) of the ct any amount, which is levied exclusively on the State owned undertak ing (KSBC in the instant case), cannot be claimed as a deduction in the books of State owned undertaking, thus same is liable to income ta x – It is fairly well settled that the interpretation is to be in the
Authorities it was built on
- 2003 M/s. D.L.F. Qutab Enclave Complex Educational Charitable Trust v. State of Haryana and Ors.
- 2003 Kailash Nath Agrawal and Ors. v. Pradeshya Indst. & Inv. Corp. of U.P. and Anr.
- 2001 Shri Ishar Alloy Steels Lid. v. Jayaswals Neco Ltd.
- 1971 Commissioner of Income Tax, Kerala v. K. Srinivasan
- 1992 Sarojini Tea Co. (p) Ltd v. Collector of Dibrugarh, Assam and Anr.
- 2021 Jalkal Vibhag Nagar Nigam & Ors. v. Pradeshiya Industrial and Investment Corporation & Anr.
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