Supreme Court · 1978 INSC 239 · Decided 22 November 1978
Commissioner of Income Tax, Patiala v. M/S. Groz Backert Saboo LTD.
- Court
- Supreme Court of India
- Citation
- 1978 INSC 239 · [1979] 2 S.C.R. 371
- Case number
- CIVIL APPEAL No. 1482/1972
- Decided
- 22 November 1978
- Bench
- P.N. BHAGWATI, V.D. TULZAPURKAR (2-judge bench)
- Outcome
- Dismissed
- Case type
- Civil
- Acts & sections cited
- Income Tax Act Section 10
Headnote
Taxable Profits-Computation of taxable property, when an assessee con­ verts his capital assets received as gift, into stock-in-trade and starts dealing in them, explained. During the assessment year 1962-63, the corresponding accounting year being the financial year ending 31st March, 1962, needles gifted by their colla­ borators in West Germany, the respondent assessee made entries in their books of account for the first time on 30th September 1961, as follows : Rs. 44.448.20 debited to the account of 'wire and strip' and credited to the 'wire and strip Gift Account'
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