Supreme Court · 1999 INSC 193 · Decided 16 April 1999
Dalmia Cement LTD., Rajasthan v. Commissioner of Income Tax, New Delhi
- Court
- Supreme Court of India
- Citation
- 1999 INSC 193 · [1999] 2 S.C.R. 735
- Case number
- CIVIL APPEAL No. 4632/1992
- Decided
- 16 April 1999
- Bench
- M. SRINIVASAN, U.C. BANERJEE (2-judge bench)
- Outcome
- Appeal(s) allowed
- Case type
- Civil
- Acts & sections cited
- Income Tax Act Section 28, 63, 60
Headnote
B Income Tax Act, 1961 S. 28-Income Tax-Assessee-Agreement dated 24. 7.1962, to sell and transfer two cement factories-Supplemental agreement dated 2.11.1962 C stipulating in clause 3 that profits and loss arising from the said factories after 30.9.1962 to go to the account of.transferee-Actual out from the two factories after agreement to sale hut prior to actual transfer-Liability to pay tax­ Determination of-R~ld, there was diversion of income by overriding title in D favour of transferee even before actual accrual-Assessee not able to retain the profits after sale
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