2020 (2) TMI 1155 - SCH - Income Tax

Taxability of profits on sale of investments and securities - premium paid by the assessee on purchase of Govt. Securities as allowable as revenue expenditure on amortization - Relief to the assessee u/s 10 - profits on sale of investment and securities - whether no such benefit is allowable to the assessee due to the non-obstante nature of Section 44? disallowance of expenses under Section 14A - MAT provision u/s 115JB applicability - HELD THAT - Delay condoned. Leave granted.

Summary

The Supreme Court of India in 2020 (2) TMI 1155 - SC Order, condoned delay, granted leave, and tagged the matter with Civil Appeal No. 7580 of 2019. Judges were Rohinton Fali Nariman and V. Ramasubramanian, with representation by Zoheb Hossain, Manish Pushkarna, and Mrs. Anil Katiyar.