Commissioner Of Income Tax vs Udayan Chinubhai & Ors. Etc

Authority: Supreme Court Date: 1996-08-20 AY: 1951-52, 1952-53, 1953-54, 1954-55, 1955-56, 1956-57, 1957-58, 1958-59, 1959-60 Section: 3, 4, 12(2), 57 Acts: Indian Income Tax Act, 1922 (Sections 3, 4, 12(2), 57), Indian Trusts Act, 1882 (Section 94), Benami Transactions (Prohibition) Act, 1988, Indian Succession Act, 1925 (Section 325) Result: Revenue Citation: (1996) 135 CTR (SC) 430 : (1996) 222 ITR 456 (SC) : (1996) 88 TAXMAN 114 Justices: B.P. Jeevan Reddy & SuhaC. Sen, JJ. Appeal No: Civil Appeal Nos. 1595 to 1634 of 1977
Whether interest paid on unsecured creditors' debts allocated to assessees upon partition of HUF qualifies as diversion of income by overriding title or as deductible expenditure under Section 12(2) of the Indian Income Tax Act, 1922 --- Held No.

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