Supreme Court · 1987 INSC 377 · Decided 15 December 1987
Commissioner of Income Tax, v. Vikram Cotton Mills LTD.
- Court
- Supreme Court of India
- Citation
- 1987 INSC 377 · [1988] 2 S.C.R. 389
- Case number
- CIVIL APPEAL No. 689/1975
- Decided
- 15 December 1987
- Bench
- SABYASACHI MUKHERJI, S. RANGANATHAN (2-judge bench)
- Outcome
- Dismissed
- Case type
- Civil
- Acts & sections cited
- Companies Act Section 153; Income Tax Act Section 10, 12
Headnote
Whether the income of the assessee company which lets out its assets temporarily is liable to tax as "profits and gains of business" or "Income from other sources"-Sections 10 and 12 of the Income Tax Act. The respondent, the assessee company, carried on business of manufacture stoppage of its manufacturing acti· vity from December, 1953. In May, 1956, one of the creditors of the company filed a winding up petition in the High Court. One major creditor of the respondent company, in exercise of its powers under an English mortgage of the iv<ed assets of the
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