Supreme Court · 1966 INSC 166 · Decided 15 September 1966
Commissioner of Income-Tax, U.P. v. Nainital Bank LTD.
- Court
- Supreme Court of India
- Citation
- 1966 INSC 166 · [1967] 1 S.C.R. 348
- Case number
- CIVIL APPEAL No. 601/1965
- Decided
- 15 September 1966
- Bench
- J.C. SHAH, V. RAMASWAMI, VISHISHTHA BHARGAVA (3-judge bench)
- Outcome
- Dismissed
- Case type
- Civil
- Acts & sections cited
- Income Tax Act Section 66(2), 10(2)(xv)
Headnote
U.P. v. NAINITAL BANK LTD. September 15, 1966. (J. C. SHAH, V. RAMA5WAMI MID V. BHARGAVA, JJ.J Indian /nt:ome-tax Act, 1922, s. 10(2) (xv)--Jewellery p/edgtd with bank stolen--Bank crediting cost oj jewellery to constituents accounts and setting ofi against such credit amounts advanced to The bank settled the claims of the constituents by crediting the value of the jewellery again.st the amounts advanced to the constituenl.t. When tho market value of the jewellery pledged exceeded the amount advanced the difference was paid by the bank to the constituent; where the market
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