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52 orders · Page 2 of 2
The Tribunal held that VAT, being a tax, is not covered under the disallowance provisions of Section 40(a)(iib) of the Income Tax Act, 1961, especially in light of the Supreme Court's ruling in Kerala State Beverages Manufacturing & Marketing Corporation Ltd. vs. ACIT. Therefore, the Pr. CIT's revision order was set aside.
The Tribunal held that VAT, being a tax, is not covered under the disallowance provisions of Section 40(a)(iib) of the Income Tax Act, 1961, especially in light of the Supreme Court's ruling in Kerala State Beverages Manufacturing & Marketing Corporation Ltd. vs. ACIT. Therefore, the Pr. CIT's revision order was set aside.