Interpretation of Section 44BB in Income Tax Act - Court refers matter for larger Bench review The High Court of Uttarakhand considered the interpretation of Section 44BB of the Income Tax Act, 1961 regarding the amount paid or payable. The Court ...
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Interpretation of Section 44BB in Income Tax Act - Court refers matter for larger Bench review
The High Court of Uttarakhand considered the interpretation of Section 44BB of the Income Tax Act, 1961 regarding the amount paid or payable. The Court disagreed with a previous judgment and referred the matter to the Honorable Chief Justice for the constitution of a larger Bench for further consideration.
Issues involved: Interpretation of Section 44BB of the Income Tax Act, 1961 regarding amount paid or payable.
Summary: The High Court of Uttarakhand addressed the issue of whether Section 44BB of the Income Tax Act, 1961 allows for the reduction of the amount paid or payable on account of any liability to be incurred by the payee. The Court referred to a previous judgment in Special Appeal No. 204 of 2007, which held that certain payments, including custom duty, would not fall under Section 44BB. However, the Court did not agree with this interpretation and decided to refer the matter to the Honorable Chief Justice for the constitution of a larger Bench for further consideration.
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