Supreme Court · 1964 INSC 218 · Decided 8 October 1964
Commissioner of Income-Tax, Madras v. Ajax Products LTD. Through Its Liquidator
- Court
- Supreme Court of India
- Citation
- 1964 INSC 218 · [1965] 1 S.C.R. 700
- Case number
- CIVIL APPEAL No. 1098/1963
- Decided
- 8 October 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 10(2)(vii)
Headnote
OF ll'liCOME·TAX, MADRAS \'. AJAX PRODUCTS LTD. THROUGH ITS LIQUIDATOR October 8, 1964 IK. Si.;BBA RAo, J.C. S11AH A"D S. M. SIKRJ JJ.J Indian /11come Ta:c Act, 1922, s. 10(2) (vii), 2nd pro\•iso atJd section 66--No business activity in year of sale of assets-Excess of Court to interfere in Reference. A B The respondent con1pany y.•ent into voluntary Jiquidation in October c I 95..t. Tiic comp<1.ny h:id the calen<l<ir year as its accounting year and the busines.s of the con1pc1ny wa~ finally clo:-'cd fieforc the end of the c;dcndar year 1954.
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