Supreme Court · 1986 INSC 144 · Decided 16 July 1986
C.I.T. Bombay City v. Bombay Burmah Trading Corporation, Bombay
- Court
- Supreme Court of India
- Citation
- 1986 INSC 144 · [1986] 3 S.C.R. 269
- Case number
- CIVIL APPEAL No. 1/1974
- Decided
- 16 July 1986
- Bench
- SABYASACHI MUKHERJI, K.N. SINGH (2-judge bench)
- Outcome
- Dismissed
- Case type
- Civil
- Acts & sections cited
- Income Tax Act Section 10(2)(vii)
Headnote
Income-tax Act, 1922, s. JOC2)(vii),lfncome-tax Act, J96J:"'y_ 41111 · Assessee--Nationalisation of business-Compensation recci1'ed from Government-Whether capital or revenue receipt-Compensation in kind in respect of depreciable assets-Whether liable to tax-Fixed capital and timber in D India and abroad, entered into contracts in the nature of forest leases with the Government of Burma, under which it was authorised to fell teak trees, convert them into logs, and remove them after payment of royalty. These leases, which were made first in the year 1862, had been
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