 "SUPREME COURT")
The Supreme Court has recommended to the Centre to make the current advance tax ruling system more effective and comprehensive as a tool for the settlement of disputes.
The apex court gave this suggestion while hearing the case of the National Co-operative Development Corporation. The point of dispute between the Corporation and the income tax department was whether grants disbursed from the common pool fund, which consisted of capital receipts received from the Centre and interest income earned through the idle funds parked in fixed deposits, by the NCDC during 1976-77 was a deductible revenue expenditure or not.
The court
