National Co-Operative Development Corporation vs Commissioner Of Income Tax

Authority: Supreme Court Date: 2020-09-11 AY: 1976-77 Section: 37, 37(1), 56 Acts: Income Tax Act 1961, National Cooperative Development Corporation Act 1962 Result: Assessee Citation: (2020) 109 CCH 0001 ISCC : (2020) 193 DTR 0409 (SC) : (2020) 427 ITR 0288 (SC) : (2020) 274 TAXMAN 0187 (SC) Justices: SANJAY KISHAN KAUL& INDU MALHOTRA, JJ. Appeal No: CIVIL APPEAL NOS. 5105-5107 OF 2009
Whether interest income earned by NCDC on idle funds invested in fixed deposits constitutes business income under Section 28 of the Income Tax Act 1961, and whether grants disbursed from such income are allowable as revenue expenditure under Section 37(1) of the Act --- Held Yes; Whether grants disbursed by NCDC to State Governments and cooperative societies from interest income are revenue expenditure deductible under Section 37(1) of the Income Tax Act 1961 --- Held Yes

šŸ”’ Direct Access Blocked

For your security and to prevent unauthorized automated access, individual judgment links cannot be opened directly. Please access this content via Google Search or the TaxPundit Search Portal.

AI Deep Dive
0/5 selected

Membership Required

Unlock official PDFs for all landmark cases.

JOIN NOW āž”
Shopping Cart