Supreme Court · 1964 INSC 223 · Decided 21 October 1964
Bombay Steam Navigation CO. (1953) Private LTD. v. Commissioner of Income-Tax, Bombay
- Court
- Supreme Court of India
- Citation
- 1964 INSC 223 · [1965] 1 S.C.R. 770
- Case number
- CIVIL APPEAL No. 1023/1963
- Decided
- 21 October 1964
- Bench
- K. SUBBA RAO, J.C. SHAH, S.M. SIKRI (3-judge bench)
- Outcome
- Appeal(s) allowed
- Case type
- Civil
- Acts & sections cited
- Income Tax Act Section 66A(2)
Headnote
STEAM NAVIGATION CO. (1953) PRIVATE LID. A v. COMMISSIONER OF INCOME-TAX, BOMBAY October 21, 1964 (K. SUBBA RAO,_ J. c. SHAH ANDS. M. SlKRI JJ.) Income Tax Act, 1922 (11 of 1922), s. 10(2) (iii)-lntemt paid on unpaid balance of purchase price of assets acquired for a business-Whether such unpaid with the object of taking over certain passenger and ferry services on lhe Konkan Coast. The assessee company purchased the assets required for its business fl'om the Scindia Steam Navigation Company and paid part of the consideration by allotting its own fully paid shares, leaving the
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