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“Section 10(30)”

Section References (mined)Section 10Section 10(30)1 judgments

The decision most relied on for Section 10(30) is General Insurance Corporation of India v. CIT (240 ITR 139), cited in 61 judgments on BharatTax.

Leading authorities on Section 10(30)

General Insurance Corporation of India v. CIT
240 ITR 139 · 1999 · Supreme Court
61
citing judgments

Rule 5(a) of the First Schedule to the Income Tax Act applies to add back an amount only if it is an expenditure or allowance contemplated in sections 30 to 43A and is specifically disallowed. Without such a specific prohibition, amounts like provisions for preference share redemption or amortization cannot be added back to an insurance company's profits.

CIT v. HDFC Bank
104 Taxmann.com 97 · 2019 · High Court
22
citing judgments

Disallowance under Section 14A is not warranted merely because an assessee has sufficient interest-free funds to make investments that yield exempt income. No disallowance is called for if no expenditure is found to have been incurred for earning exempt income.

Madeva Upendra Sinai v. Union of India
98 ITR 209 · 1975 · Supreme Court
19
citing judgments

The 'written-down value' of an asset for depreciation purposes is determined by subtracting the depreciation 'actually allowed' in previous years from the actual cost. The word 'actually' signifies a real, not speculative, allowance.

Commissioner of Income-tax v. Williamson Financial Services and Ors.
297 ITR 17 · 2008 · Supreme Court
17
citing judgments

The principles applied in CIT v. Williamson Financial Services [2008] 297 ITR 17 (SC) are not applicable to the present cases as the former dealt with deductions under Section 80HHC, which is part of Chapter VI-A (special deductions), distinct from deductions under Sections 30 to 43D.

Judgments citing Section 10(30)

M/S.Kannan Devan Hills Plantations Company P. Ltd, Idukki vs. The ACIT, Cochin

In the result, the appeal filed by the assessee stands partly allowed

ITA 27/COCH/2020[2016-17]Status: DisposedITAT Cochin30 Mar 2023AY 2016-17

Bench: SMT. BEENA PILLAI (Judicial Member), MS. PADMAVATHY S (Accountant Member)

For Appellant: Smt. Rohini Thampy, CA
Section 10Section 10(30)Section 30Section 801ASection 80I

fund scheme etc and that the activity for which the subsidy is given remains unchanged, I am constrained by the provisions of section 10(30) which unambiguously stipulates that the Central Government must expressly notify such schemes in the official Gazette. 2.6 The assessee company vide its reply dated above ... made an alternate claim stating that in any case if the claim under section 10(30) is not allowed to the assessee as made in the return of income, the assessee would wish to extend an alternate claim that the amount of subsidy for rejuvenation and replacement planting