Supreme Court · 1972 INSC 267 · Decided 27 October 1972
Commissioner of Income-Tax, Kerala, Ernakulam v. Travancore Sugar & Chemicals LTD.
- Court
- Supreme Court of India
- Citation
- 1972 INSC 267 · [1973] 2 S.C.R. 738
- Case number
- CIVIL APPEAL No. 2161/1969
- Decided
- 27 October 1972
- Bench
- P. JAGANMOHAN REDDY, I.D. DUA (2-judge bench)
- Outcome
- Dismissed
- Case type
- Civil
- Acts & sections cited
- Income Tax Act Section 10, 10(2)(xv)
Headnote
OF INCOME-TAX, KERALA, ERNAKULAM v. TRAVANCORE SUGAR & CHEMICALS LTD. October 27, 1972 [P. JAGANMOHAN REDDY AND I. 0. DUA, JJJ Indian Income· Tax Act 1922, Section 10(2) (xv)-Payment of fixed percentage of the profits annually, apart from the carh consideration, for :aking over of factory and to run them. Clause 3 of the agreement provided that the cash consideration !for the sale of assets shall be Rs. 3.25 lakhs. Clause 4(b) a.nd (c) provided for the continuation of the distillery licence in favour of the appellant. The Government wa.s to purchase the phar­
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