Karnataka H.C : The Distributable Surplus paid by the Respondent Assessee M/s. CHAMUNDI WINERY AND DISTILLERY to DIAGEO INDIA PRIVATE LIMITED in pursuance of the Agreement dated 30/10/2007 between these two parties was not ‘application of income’, but an ‘allowable expenditure’ in the hands of the Respondent Assessee under Section 37 of the Ac

High Court Of Karnataka Pr. CIT & Ors. vs. Chamundi Winery And Distillery & Ors. Section 37 Asst. Year 2008-09 to 2012-13 Vineet Kothari & S. Sujatha, JJ. ITA No. 155/2016 C/W ITA No. 458/2013, 467/2015, 173/2017, 172/2017, 155/2016 25th September, 2018 Counsel appeared: E.R. Indrakumar, Sr. Counsel for E. I. Sanmathi, Advocate K.V. Aravind,…

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