October 2003

Income Tax Case Laws

S.C : The recommended value is the higher of the intrinsic value or the market based value. Though rationally speaking, the recommended value should be the intrinsic value, it may be possible that the market based value at a given point of time is higher than the intrinsic value, which is indicative of a bullish phase/perception of the market and/or industry and/or the company. Therefore, to take into account this practical reality, I have suggested the higher of the two.

Supreme Court Of India Dr. Mrs. Renuka Datla vs. Solvay Pharmaceutical B V & Ors. S. Rajendra Babu, P. Vnkatarama […]

Sec. 36(1)(va), Section 43B

Kerala H.C : Whether, on the facts and in the circumstances of the case and on an interpretation of s. 43B r/w s. 36(1)(va), the Tribunal is right in law in holding— (i) second proviso imposes the condition of payment before the due date only in respect of any sum received by an assessee from his employees to which the provisions of s. 2(24)(x) apply. (ii) the assessee is entitled to deduct the sum of Rs. 32,900 being the contribution to Group Gratuity made on 18th Jan., 1991?

High Court Of Kerala CIT vs. Jairam & Sons Section 36(1)(va), 43B K.S. Radhakrishnan & C. Kuriakose, JJ. IT Ref.

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