High Court Affirms Special Bench Verdict On Non-Taxability Of Sales Tax Deferral Loan Waiver

CIT vs. Sulzer India Limited (Bombay High Court)

S. 41(1): Payment of Net Present Value of sales-tax deferral loan does not constitute a taxable "benefit"

The High Court had to consider whether the judgement of the Special Bench of the Tribunal in Sulzer India Ltd vs. JCIT 138 ITD 1 (SB)(Mum) that the difference between the Net Present Value of sales-tax liability and its future liability is not chargeable to tax u/s 41(1) is correct or not. HELD by the […]