Supreme Court · 1989 INSC 160 · Decided 1 May 1989
Commissioner of Income-Tax, Lucknow v. Bazpur Co-Operative Sugar Factory LTD.
- Court
- Supreme Court of India
- Citation
- 1989 INSC 160 · [1989] 2 S.C.R. 840
- Case number
- CIVIL APPEAL No. 1358/1979
- Decided
- 1 May 1989
- Bench
- R.S. PATHAK, L.M. SHARMA (2-judge bench)
- Outcome
- Appeal(s) allowed
- Case type
- Civil
- Acts & sections cited
- Income Tax Act Section 36(1)(iii), 36(I)(iii)
Headnote
F COMMISSIONER OF INCOME-TAX, LUCKNOW v. BAZPUR CO-OPERATIVE SUGAR FACTORY LTD. MAY l, 1989 [R.S. PATHAK, CJ. AND L.M. SHARMA, J] Income Tax Act, 1961: Section J6( l)(iii)-Cooperative Society- Amounts deposited by members in Loss Equalisation and CapitiM.,. Redemption Fund-Whether deduction which provided for the establish- ment of a 'Loss Equalisation & Capital Redemption Reserve Fund'. Every producer-shareholder was required to deposit every year an amount to this fund which was to be utilised for the purpose of making the l!artly paid shares fully paid, and after defraying
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