Karnataka High Court Upholds ITAT Order on 'Kist' Deduction

The High Court of Karnataka dismissed Revenue's appeal against the Income-tax Appellate Tribunal's order on the deduction of "kist" under section 43B of the Income-tax Act, 1961 for the assessment year 1996-97, following the precedent set in CIT v. Sri Balaji and Co. [2000] 246 ITR 750.

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The High Court of Karnataka dismissed the Revenue's appeal against the Income-tax Appellate Tribunal's order regarding the deduction of "kist" payable by the assessee to the State Government for the assessment year 1996-97, citing the restriction under section 43B of the Income-tax Act, 1961. The decision was based on a previous ruling in CIT v. Sri Balaji and Co. [2000] 246 ITR 750.

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