Supreme Court · 1999 INSC 114 · Decided 17 March 1999
Commissioner of Income Tax v. Kasturi and Sons LTD.
- Court
- Supreme Court of India
- Citation
- 1999 INSC 114 · [1999] 1 S.C.R. 1207
- Case number
- CIVIL APPEAL No. 5536/1990
- Decided
- 17 March 1999
- Bench
- D.P. WADHWA, M. SRINIVASAN (2-judge bench)
- Outcome
- Dismissed
- Case type
- Civil
- Acts & sections cited
- Income Tax Act Section 41, 41(2), 147(b)
Headnote
OF INCOME TAX v. KASTURI AND SONS LTD. MARCH 17, 1999 [D.P. WADHWA AND M. SRINIVASAN, JJ.) Income Tax Act 1961-Section 41(2}-Baluncing charge-Contract of insurance-Scop~Newspaper company buying an aircraft for quick delivery of newspaper--The aircraft insured for certain sum of mone7 The a new one-Even though the cost incurred by the insurer in replacing the aircraft was much higher than the written down value of the insured aircraft-Held, the differential amount beyond .the scope of 'moneys payable'-Hence not assessable under Section 41(2). Words and phrases-Words 'money'
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