Supreme Court · 1967 INSC 86 · Decided 3 April 1967
Commissioner of Income-Tax, Mysore, Bangalore v. The Bangalore Transport Company LTD., Bangalore
- Court
- Supreme Court of India
- Citation
- 1967 INSC 86 · [1967] 3 S.C.R. 393
- Case number
- CIVIL APPEAL No. 435/1966
- Decided
- 3 April 1967
- Bench
- J.C. SHAH, S.M. SIKRI, V. RAMASWAMI (3-judge bench)
- Outcome
- Appeal(s) allowed
- Case type
- Civil
- Acts & sections cited
- Income Tax Act Section 10(1)
Headnote
Indian Income-tax Act, 1922 (Act 11 of 1922)-Business carrk?d for a part of year, if profits taxah/e- Tbe undertaking and business of the assessee-company were taken over by the Government and the assessee \Vas paid compensation. The asses­ see sub mitt~. a return, claiming that it from its business, since it was taken over by the Government. The Income-tax Officer brought to tax a certain sum. disclosed by the assessee's audited ac­ counts as its taxable business income during that part of the year before it closed the business. This 9rder was upheld by the Assistant
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