Supreme Court · 1995 INSC 794 · Decided 28 November 1995
Associated Power CO. LTD. v. Commissioner of Income Tax
- Court
- Supreme Court of India
- Citation
- 1995 INSC 794 · [1995] SUPP. 5 S.C.R. 721
- Case number
- TAX REFERENCE CASE No. 13/1981
- Decided
- 28 November 1995
- Bench
- S.P. BHARUCHA, FAIZAN UDDIN, S.B. MAJMUDAR (3-judge bench)
- Outcome
- Disposed off
- Case type
- Tax
- Acts & sections cited
- Income Tax Act Section 257
Headnote
LTD. A v. COMMISSIONER OF INCOME TAX NOVEMBER 28, 1995 [S.P. BHARUCHA, FAIZAN UDDIN AND S.B. MAJMUDAR, JJ.) B Income Tax Act, 1961 : Contingency Reserve Account-Amount set apart to meet contingen­ cies-Assessee owner thereof-Not a business expenditure-Hence not allow­ able as a account-Invested i!l securities D authorised under the Indian Trusts Act, 1882-Within a period of six months-Not to be drawn upon during cwTency of licence-Except to meet specified charges with the approval of State Govemment-To be handed over to the purchaser on purchase of the undertaking.
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