Supreme Court · 1964 INSC 161 · Decided 29 July 1964
Commissioner of Income-Tax Bombay v. Chugandas and CO., Bombay
- Court
- Supreme Court of India
- Citation
- 1964 INSC 161 · [1964] 8 S.C.R. 332
- Case number
- CIVIL APPEAL No. 685/1963
- Decided
- 29 July 1964
- Bench
- K. SUBBA RAO, J.C. SHAH, S.M. SIKRI (3-judge bench)
- Outcome
- Dismissed
- Case type
- Civil
- Acts & sections cited
- Income Tax Act Section 25(3), 10, 25
Headnote
SUPREME COURT REPORTS COMMISSIONER OF INCOME-TAX BOMBAY v. CHUGANDAS AND CO., BOMBAY (K. SUBBA RAo, J.C. SHAH ANDS. M. SIKRI, JJ.) Indian Income·tax Act (XI of 1922), 1. 25(3)-Ex•mption applicable to wllot incom1. The respondent was a firm dealing in oecuritiea and was charaed to It cl;.. continued its business on 30th June 1947, and, for the assessment )'l&r 1948-49. claimed exemption from taxation under s. 25(3) of the Inoome­ tax Act (XI of 1922). The income-tax officer and the Appel:ate Assistant Commissioner, held that, the income fell under the hel4 ..
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