Supreme Court · 1982 INSC 1 · Decided 12 January 1982
Commissioner of Income Tax, Delhi v. Delhi Safe Deposit CO. LTD.
- Court
- Supreme Court of India
- Citation
- 1982 INSC 1 · [1982] 3 S.C.R. 1
- Case number
- CIVIL APPEAL No. 1235/1974
- Decided
- 12 January 1982
- Bench
- R.S. PATHAK, E.S. VENKATARAMIAH (2-judge bench)
- Outcome
- Dismissed
- Case type
- Civil
- Acts & sections cited
- Constitution; Income Tax Act
Headnote
OF INCOME TAX, DELHI v. DELHI SAFE DEPOSIT CO. LTD. January 12, 1982 [R.S. PATHAK AND E. S. VENKATARAMIAH, JJ] Income Tax Act, 1961-Sec_tion 37-Scopt of-Assessee, partner of a manag~ ing agency firm-Managed companY advanced loan to another /ir"1 at tM instance ofapartnerof the'firm-Loan of a firm of managing agents. At the instance of one of the partners of the managing agency firm the managed company advanced to another firm a Jarge sum of money as loan. Eventually by reason of the failure of the borrower to repay the loao the managed company suffered Joss which was made good
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