| Citation(s) |
|---|
| 2001 SLG 539 2001 SLD 539 2001 PTD 3402 (2001) 249 ITR 415 |
Supreme Court of India
Civil Appeal No. 7353 of 2000, decision dated: 12-12-2000. (Appeal by special leave from the judgment and order, dated November 3, 1998 of the Punjab and Haryana High Court in I.T.C. No.41 of 1988)
S. P. BHARUCHA AND D. P. MOHAPARRA, JJ
M. N. Krishnamani, Senior Advocate (Rajesh K. Sharma and Goodwill Indeevar, Advocates with him) for Appellant
Civil Appeal No. 7353 of 2000, decision dated: 12-12-2000. (Appeal by special leave from the judgment and order, dated November 3, 1998 of the Punjab and Haryana High Court in I.T.C. No.41 of 1988)
S. P. BHARUCHA AND D. P. MOHAPARRA, JJ
M. N. Krishnamani, Senior Advocate (Rajesh K. Sharma and Goodwill Indeevar, Advocates with him) for Appellant
PUNJAB SMALL INDUSTRIES CORPORATION LTD.
VS
. COMMISSIONER OF INCOME TAX
Law: Income Tax Act, 1961
Section: 37,256
Income-tax----Reference---Question of law---Business expenditure---Demurrage and wharfage recovered by Railways ---Pendency of claim against contractor for arbitration---Whether claim to deduct demurrage and wharfage can be disallowed in entirety---Question 'of law---Indian Income Tax Act, 1961, Ss.37 & 256. The question whether the Appellate Tribunal was right in law in upholding the entirety of the disallowance of the amdunt on account of demurrage and wharfage recovered from the assessee by the Railways, merely because a claim against the contractor is pending arbitration, is a question of law. ORDER Special leave granted After hearing the counsel for the parties, in our opinion, the High Court should…
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