Supreme Court · 1996 INSC 885 · Decided 14 August 1996
Commissioner of Income Tax v. Karam Chand Thapar and Others
- Court
- Supreme Court of India
- Citation
- 1996 INSC 885 · [1996] SUPP. 4 S.C.R. 651
- Case number
- CIVIL APPEAL No. 4551/1990
- Decided
- 14 August 1996
- Bench
- B.P. JEEVAN REDDY, S.C. SEN (2-judge bench)
- Outcome
- Appeal(s) allowed
- Case type
- Civil
- Acts & sections cited
- Income Tax Act
Headnote
B Income Tax: Income Tax Act, 1961/Indian Income Tax Act, 1922:-Agency-{Jn­ c/aimed Balance.1-Assessee acting as de/ credere agent of collieiies and also C as agent of purchasers of coal-Amount claimed and received from the collie1y as under charges-Payments made therefrom to purchaseiJ as and account and assessed as inconie in earlier years---A1nount received during the cozme of business-Held, these payments will have to be treated as trading expenses and the excess brought to tax as profits of business. D Trading receipt-Amount initially not received as a trading receipt can becon1e
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