Content Provider | Supreme Court of India |
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e-ISSN | 30484839 |
Language | English |
Access Restriction | NDLI |
Subject Keyword | Income Tax Act 1961 |
Content Type | Text |
Resource Type | Law Judgement |
Jurisdiction | India |
Case Type | Appeal |
Court | Supreme Court of India |
Disposal Nature | Appeal Allowed |
Headnote | Income Tax Act, 1961 - ss.35D, 36, 40A(9), 43B -Amortization of expenditure -Deduction of payment of bonus from business income - Assessee issued public shares in order lo raise funds to meet the capital expenditure for expansion of its existing units of production and for research and development - Assessee claimed amortization of expenditure incurred towards share issue expense u/s.35D of the Act - Furthermore, assessee claimed deduction u/s. 36 of the Act, regarding bonus paid to its employees - Claim disallowed by High Court - On appeal, held: Amortization of expenditure u/s.35D, is allowed for period of JO years @ 1110'" of each - On facts, benefit was allowed for first two assessment years by assessing officer and therefore, it could not have been denied in subsequent block period - Payment of bonus is allowable deduction u/s.36(1){ii) and s.40A(9) has no application to it - s.43B(b) is also not applicable as this provision does not mention about bonus - Therefore, assessee entitled to benefit uls.35D and s.36. |
Judge | Hon'ble Mr. Justice Arjan Kumar Sikri |
Neutral Citation | 2016 INSC 879 |
Petitioner | M/s. Shasun Chemicals And Drugs Ltd. |
Respondent | Commissioner Of Income Tax-ii, Chennai |
SCR | [2016] 8 S.C.R. 73 |
Judgement Date | 2016-09-16 |
Case Number | 9611 |
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