Supreme Court · 1967 INSC 68 · Decided 21 March 1967
B.D.BHARUCHA,BOMBAY v. Commissioner of Income-Tax, Central Bombay
- Court
- Supreme Court of India
- Citation
- 1967 INSC 68 · [1967] 3 S.C.R. 238
- Case number
- CIVIL APPEAL No. 1230/1966
- Decided
- 21 March 1967
- Bench
- J.C. SHAH, S.M. SIKRI, V. RAMASWAMI (3-judge bench)
- Outcome
- Appeal(s) allowed
- Case type
- Civil
- Acts & sections cited
- Income Tax Act Section 10(2)(xi), 66(1)
Headnote
Income-tax Act (11 of 1922), $. 10(2)(xi)-Capital or rewmue Joss-Nature, how determined, The appellant, who was carrying on the business of financing film producers and distributors, had advanced a swn of Rs. 1,00,000 lo a B firm of film distributors. Clause 3 of the agreement between the par~ he C was to share with the distributors their profit and loss; and cl. 7 I?rovided that in case the picti:re was not released within the stipulated tlme, the distributors would return to the appellant all the moneys advanced by him together with interest at 9 % per annum. There was delay in
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