Latest Supreme Court Judgments

Landmark Supreme Court of India rulings, explained in clear, plain language.

Showing 2 of 2 judgments

Can unpaid excise duty on bonded warehouse stock be disallowed under Section 43B?

Unpaid Excise Duty on Bonded Stock Cannot Be Disallowed Under Section 43B

M/S. Lakshmi Sugar Mills Co. Ltd. vs Commissioner of Income Tax, Delhi-II

Income Tax / Excise Duty Valuation Verified

The Supreme Court held that unpaid excise duty on closing stock kept in a bonded warehouse cannot be disallowed under Section 43B when the Assessee never claimed it as a deduction.

Was the electricity subsidy received by Mepco Industries a capital or revenue receipt?

Electricity Subsidy from Pondicherry Government Held a Taxable Revenue Receipt

M/S. Mepco Industries Ltd. vs. Commissioner of Income Tax, Madurai

Income Tax / Subsidy — Capital vs. Revenue Receipt Verified

The Supreme Court dismissed the appeal and held that the electricity subsidy received from the Government of Pondicherry was a revenue receipt taxable under the Income-tax Act, 1961.

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