COMMISSIONER OF INCOME TAX-III vs. M/S. CALCUTTA KNITWEARS, LUDHIANA
C.A. No.-003958-003958 - 2014Supreme Court12 Mar 2014
Section 132Section 158B
55
considered the scope of Section 36A of the Income Tax
Assessment Act, 1936(Cth), which on a literal
interpretation allowed the taxpayer to make a profit
and still claim a loss for tax purposes. The
Commissioner argued the taxpayer’s conduct amounted to
a tax avoidance scheme and should therefore be
disallowed
