Supreme Court · 1978 INSC 102 · Decided 3 May 1978
B. R. LTD. v. V. P. Gupta, C.I.T., Bombay
- Court
- Supreme Court of India
- Citation
- 1978 INSC 102 · [1978] 3 S.C.R. 877
- Case number
- CIVIL APPEAL No. 1594/1972
- Decided
- 3 May 1978
- Bench
- Y.V. CHANDRACHUD, V.D. TULZAPURKAR (2-judge bench)
- Outcome
- Appeal(s) allowed
- Case type
- Civil
- Acts & sections cited
- Companies Act; Income Tax Act Section 24(2), 33A
Headnote
v. V. P. GUPTA, C.I.T., BOMBAY May 3, 1978 [Y. V. CHANDRACHUD, CJ. AND V. D. TULZAPURKAR, J.J 877 lflco1ne Tax Act, 1922, S. 24(2) as it stood prior to its amendnient by the Finance Act, 1955-Interpretation of the expression "same business" occurring in S. 24(2)-Decisive tests to show import and sale of woollen fabrics, leather beltings9 C hardware, toilet goods, chemicals and cotton fabrics etc. The business of import and sale was closed by the appellant towards the end of the calendar year 1952, corresponding to the assessment year 1953-54. In that year, the appellant
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