Supreme Court of India
M/s. Munjal Sales Corporation v. Commissioner of Income Tax, Ludhiana and Anr.
INSC stands for INDIAN SUPREME COURT. A neutral citation scheme assigned by the Court itself, so a judgment can be cited without depending on a commercial law reporter. INSC is the neutral citation scheme assigned by the Supreme Court, so a judgment can be cited without depending on a commercial law reporter.
From the headnote
y ., Income Tax Act, 1961: ss.36(i)(iii) and 40(b)(iv) - Deduction of interest under s. 36(i)(iii) and applicability of s.40(b)(iv) - Held: s.40(b) is not a stand alone section - It c operates as a limitation to deduction under ss. 30 to 38 - , Assessee including a firm is required to establish in the first instance, its right to claim deduction under one section between .; ss. 30 to 38 and in case of firm if it claims special deduction it has also to prove that it is not disentitled to claim deduction by reason of applicability of s.40(b)(iv) - Object of s.40 is to ' , put limitation on…
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