Supreme Court · 1967 INSC 288 · Decided 5 December 1967
Commissioner of Income-Tax, Bombay City I, Bombay v. Jubilee Mills LTD. Bombay
- Court
- Supreme Court of India
- Citation
- 1967 INSC 288 · [1968] 2 S.C.R. 539
- Case number
- CIVIL APPEAL No. 525/1967
- Decided
- 5 December 1967
- Bench
- J.C. SHAH, V. RAMASWAMI, VISHISHTHA BHARGAVA (3-judge bench)
- Outcome
- Dismissed
- Case type
- Civil
- Acts & sections cited
- Income Tax Act Section 23, 23A
Headnote
OF INCOME-TAX, BOMBAY CITY I, BOMBAY B c D E v. JUBILEE MILLS LTD. BOMBAY December 5, 1967 [J. C. SHAH, V. RAMASWAMI AND V. BHARGAVA, JJ.J Income Tax Act, 1922, s. 23-A-Company reconstructing capital to write off· accumulated losses and reducing capital-Whether losses prior to deciding ques­ tion against the view taken by Tribunal. The respondent company had suffered large losses in the years prior to 1930 aIJd in that year it reconstructed its capital by adjusting a debit balance of Rs. 12,75,000 in the profit and loss account against the paid up capital and
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