Supreme Court · 1967 INSC 73 · Decided 23 March 1967
Commissioner of Income-Tax Central, Calcutta & ANR. v. Amalgamated Development, LTD.
- Court
- Supreme Court of India
- Citation
- 1967 INSC 73 · [1967] 3 S.C.R. 263
- Case number
- CIVIL APPEAL No. 169/1966
- Decided
- 23 March 1967
- Bench
- J.C. SHAH, S.M. SIKRI, V. RAMASWAMI (3-judge bench)
- Outcome
- Dismissed
- Case type
- Civil
- Acts & sections cited
- Income Tax Act
Headnote
Income-tax Act,. 1922-s. 10(2)(xv)-company purchasing assets and liabilities of firm-liabilities including obligation to complete deve· lopment work 011 plots sold by firm-Whether expenditure on such deve­ lopmem deductible expenditure. Jnco1n~ssessee conzpany selling plots for part balance tantamount to loan to purcliaser­ therefore whether liable to be regarded as constructive receipt of income. Under a sale deed executed on July 7, 1948, the respondent company purchased the assets and liabilities of a firm,. M & Co. At the time the firm had sold a
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