Section 211 of the Income Tax Act
Income-tax Act, 2025: s.408
Section 211 of the Income-tax Act, 1961 corresponds to section 408 (Instalments of advance tax and due dates) of the Income-tax Act, 2025.
Read section 408 of the 2025 Act
Correspondence checked against the ICAI tabular mapping of the two Acts and the BharatTax.co section commentary.
The decision most relied on for Section 211 is CIT v. Calcutta Discount Co. Ltd. (39 ITR 706), cited in 103 of the 30 judgments on BharatTax that turn on this section.
Leading authorities on Section 211
The law does not oblige a trader to make maximum profit out of his trading transactions. Profits charged to tax must be in accordance with law and not amount to taxing notional income.
For banking companies, the machinery provisions of Section 115JB(2) of the Income Tax Act are unworkable due to a legal dichotomy created by the first proviso.
The case is cited for the principle that income from leasing of assets, if the lease is a finance lease, the depreciation allowance should be computed on the leased asset, not on the lease income.
