Supreme Court · 1975 INSC 141 · Decided 25 July 1975
Commissioner of Income Tax, Nagpur v. Sutlej Cotton Mills Supply Agency LTD.
- Court
- Supreme Court of India
- Citation
- 1975 INSC 141 · [1976] 1 S.C.R. 126
- Case number
- CIVIL APPEAL No. 1877/1970
- Decided
- 25 July 1975
- Bench
- A.N. RAY, KUTTYIL KURIEN MATHEW, V.R. KRISHNA IYER, S. MURTAZA FAZAL ALI (4-judge bench)
- Outcome
- Appeal(s) allowed
- Case type
- Civil
- Acts & sections cited
- Income Tax Act Section 66(1)
Headnote
lncome~tax-Jurisdiction of a High Court on reference-Scope of-.4 3ingle adventure-Tests for determining whether in the nature of business. The asses.see acquired shares in a newly floated sister concern and later sold a part of its stock at a profit. The Income-tax Officer assessed the profit to was profit accruing to the assessee from an adventure in the nature of business, and the order was confirmed by the Appellate AMistant Commissioner. On appeal the Appellate Tribunal held that tho U'an!action was in the nature of business adventure; that the assessee by itl Memorandum of
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