Supreme Court · 1965 INSC 238 · Decided 2 November 1965
Commissioner of Income Tax, Madras v. MESSRS. Best & CO.
- Court
- Supreme Court of India
- Citation
- 1965 INSC 238 · [1966] 2 S.C.R. 480
- Case number
- CIVIL APPEAL No. 682/1964
- Decided
- 2 November 1965
- Bench
- K. SUBBA RAO, J.C. SHAH, S.M. SIKRI (3-judge bench)
- Outcome
- Case Partly allowed
- Case type
- Civil
- Acts & sections cited
- Income Tax Act Section 10, 66(1)
Headnote
Income-tax Act (11 of 1922), s. 10-Assessee a 11111/ti-agency con­ cern-One of the agencies ter1ninated lVith a restrictive covenant not to carry on business-Co111pensation, lvhether capital or. revenue receipt. The respondent was a multi-agency concern. The principal of one of the agencies were sought to be assessed to income·tax, the respondent objected on the ground that the amounts represented only compensation received for termination of the agency business and as consideration for the restrictive covenant not to do business in the same line for a prescribed period.
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