Content Provider | Supreme Court of India |
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e-ISSN | 30484839 |
Language | English |
Access Restriction | NDLI |
Subject Keyword | Income Tax Deduction |
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 : Section 37(1).Income Tax-Business liability-Deduction-Determination of-AY 1978- 79-Contingent liability-Business liability had arisen in an accounting year although the liability had to be quantified and discharged at a future date-Held: Such a liability is not a contingent liability and has to be deducted in the same accounting year in which it arose.Income Tax-Mercantile System of accounting-Contingent liability-Business expenditure-Deduction-AY 1978-79-Assessee-employer created a fund to meet the liability in respect of encashment of earned leave/vacation leave of its employees-Held : Such a liability is not a contingent liability and is, therefore, deductible.Constitution of India, 1950: Article 144.Supreme Court directed ITAT to frame a supplementary statement of case based on books of accounts and other relevant records-Failure on part of ITAT, in compliance Supreme Court decided the case after culling out the facts from the statement of case already filed, which were not disputed-Failure of ITAT to comply with its direction deplored by Supreme Court and expected that ITAT would be more responsive and sensitive to its directions-Income Tax Act, 1961, S.258. |
Judge | Honble Mr. Justice R.C. Lahoti |
Neutral Citation | 2000 INSC 385 |
Petitioner | Bharat Earth Movers |
Respondent | Commissioner Of Income Tax, Karnataka |
SCR | [2000] Supp. (2) S.C.R. 295 |
Judgement Date | 2000-08-09 |
Case Number | 9271 |
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