Supreme Court · 1996 INSC 1035 · Decided 11 September 1996
Commissioner of Income Tax, Madurai v. M/S. T.V. Sundaram Iyengar and Sons LTD.
- Court
- Supreme Court of India
- Citation
- 1996 INSC 1035 · [1996] SUPP. 5 S.C.R. 785
- Case number
- CIVIL APPEAL No. 11864/1996
- Decided
- 11 September 1996
- Bench
- A.M. AHMADI, B.P. JEEVAN REDDY, S.C. SEN (3-judge bench)
- Outcome
- Disposed off
- Case type
- Civil
- Acts & sections cited
- Income Tax Act Section 28(1), 41(1)
Headnote
TAX, MADURAI v. MIS. T.V. SUNDARAM IYENGAR AND SONS LTD. SEPTEMBER 11, 1996 (A.M. AHMADI, CJ., B.P. JEEVAN REDDY AND SUHAS C. SEN. JJ.] Income Tax Act 1961-Sections 28(1), 41(1)--Business Income-Capi- A B tal Receipts-From trading transactions-Deposits received-{fnclaimed and C time barred and was of capital nature at the point of time it was received, by efflux of time the money had become the assessee's own money-Assessee itself has treated the money as its own money and taken the amount to its profit and loss account-Hence such amounts D rightly taken as income for the
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