Supreme Court · 1985 INSC 148 · Decided 8 July 1985
Commissioner of Income Tax, A.P. v. M/S. T.VEERABHADRA Rao, K. Koteswara Rao & CO.
- Court
- Supreme Court of India
- Citation
- 1985 INSC 148 · [1985] SUPP. 2 S.C.R. 20
- Case number
- CIVIL APPEAL No. 114/1975
- Decided
- 8 July 1985
- Bench
- R.S. PATHAK, E.S. VENKATARAMIAH (2-judge bench)
- Outcome
- Dismissed
- Case type
- Civil
- Acts & sections cited
- Income Tax Act Section 36(l)(vii), 36, 256
Headnote
20 WIMISSIONER OF INCQIE TAX, A.P. v. M/S. T.VEERABllADRA RAO, K. KmESWARA RAO & CO. JULY 8, 1985 [R.S. PATHAK AND E.S. VENKATARAMIAH JJ.J Income Tax Act, 1961, Sec. 36(l)(vii)- Business of a predecessor firm with assets and liabilities taken over by the assessee-Assessee paying income tax on of an earlier firm with all the assets and liabilities including a debt of Rs.23,577. The assessee paid income tax on the interest income accruing on the aforesaid amount of debt for the asseasment year 1963-64. On March 31, 1965 the assessee and the debtor entered into a settlement whereby a
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